Tightly held development opportunity in key central location
On the market for the first time in 35 years, this property will appeal to astute investors seeking to add value to their portfolios
JLL has been exclusively appointed to bring a commercial property with desirable development potential in a key Wellington suburb to market. 59-60 Kent Terrace, Mount Victoria, is a prominent, versatile three-storey building that features over 1,800sqm of floor space, the potential to significantly increase returns through residential or commercial development, and central location near the Basin Reserve and Mount Victoria Tunnel. Now on the market for sale by way of Deadline Private Treaty, investors and developers with an eye to the future should act quickly to secure the abundant possibilities of this strategic property.
59-60 Kent Terrace, Mount Victoria will appeal to a range of buyers with vision who are looking for a freehold site in a convenient CBD location. Resource consent has been granted that permits the construction of an additional three storeys, each consisting of seven apartments that can be utilised for residential, office, or other commercial use. Sold with a longstanding tenant in place with its lease expiring in January 2025, the astute buyer who secures this property can consider their development options while maintaining sound income.
JLL has been exclusively appointed to market 59-60 Kent Terrace, Mount Victoria for sale by way of Deadline Private Treaty, closing Wednesday 15th March 2023.
JLL Sales and Leasing Director Gary Hansen points out the enormous development opportunity in such a central location as a key upside for this property.
“Given resource consent has been granted, and the existing tenancy still has almost two years to run, there is plenty of time for the fast-acting buyer who secures 59-60 Kent Terrace to strategise their development to suit their long-term property objectives,” says Hansen. “The current tenant, trading as a Beaurepaires motor vehicle tyre repair centre, has been in the building since 2007 and gross annual rental sits at $143,550.46 + GST. After several rights of renewal, the final expiry is 31st January 2025.”
“Right in the centre of Mount Victoria, and opposite the longstanding motor vehicle trade hub on Kent Terrace and Cambridge Terrace, this property is in a sought-after, convenient location with plenty of nearby amenities including cafes, restaurants, offices, apartment blocks, and showrooms. Kent Terrace is also part of State Highway 1 and is a three-lane carriageway through Wellington that carries a large volume of traffic every day.”
Excellent access to nearby amenities in a developing suburb, a major drawcard for future residential occupiers, makes 59-60 Kent Terrace a unique development opportunity. The resource consent and reliable existing tenancy provides immediate upside, with room for even more in the long-term. Buyers looking to expand their property portfolios will recognise the unique offering available at 59-60 Kent Terrace, Mount Victoria.
Interested parties should contact the sole agent for more information.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.