Heritage live-work opportunity for sale

One of a mirror-image pair of character buildings – relocated at the commencement of the Wellington Inner City Bypass project – is up for sale for the first time since it was sold by the NZ Transport Agency in 2010.

The two-level former inner city residence at 276 Willis Street, Te Aro, with its rusticated timber cladding, corrugated roof and bullnose verandah, was originally built in 1901.

Along with its ‘twin sister” at 274 Willis Street, the Italianate-style building was completely refurbished in line with the strict heritage covenants overlaying the 19 buildings that were relocated when the bypass was constructed.

These matching buildings were the first two heritage buildings to be relocated then professionally renovated at significant cost to their current configuration.

Architectural historians researching the history of the pair of buildings came up with a colour scheme that reflected original paintwork with reddish weatherboards, flesh-pink detailing and dark green window frames. Original mouldings were matched and balled finials gracing the top of each façade were recreated.

The building has heritage status under Wellington City Council’s heritage building inventory.

James Higgie and Grant Young of Bayleys Wellington will take 276 Willis Street, at the southern end of the CBD, to auction on 5th December on behalf of its Wellington-based property investment, management and construction company owners. The property features in Bayleys’ latest Total Property portfolio magazine.

Higgie says the building has been strengthened to 100 percent of new building standard and is fully-leased with a new four-year lease in place, with one further four-year right of renewal.

“The property is currently being utilised as a commercial premises for a picture framing retail business on the ground floor, with residential and commercial uses on the first floor,” he says.

“It is our view that the best and highest use for the property would be as a live-work premises and the majority of the character buildings within this precinct are owner-occupied.”

“While there is annual net income of $39,883 coming in at present, a long-sighted owner-occupier could scope this out as a potential future live-work opportunity.”

There is approximately 158 square metres of space across the two levels – sited on 122 square metres of freehold land.

At street level, there is retail and studio space along with a full kitchen and toilet facilities. An internal stairwell leads to three light and airy upstairs rooms, and a bathroom. There is a small fenced courtyard to the rear of the building.

Higgie, who was closely involved with the original sell-down of the relocated buildings associated with the inner city bypass, says there have only been a handful of properties within the precinct coming on to the secondary market.

“The buildings were hotly-contested when they were first marketed and have remained tightly-held since.”

Zoning for this part of Willis Street is designated Central Area. The subject property sits on the western side of Willis Street close to the Karo Drive-State Highway 1 on-ramp.

The building is believed to have been designed by well-known Wellington architect Francis Penty who was responsible for a huge catalogue of residential dwellings along with the Townsend and Paul warehouse in Allen Street, the Wellington Woollen Company Warehouse in Jervois Quay and he was co-architect for the Hunter Building at Victoria University.

The relocated heritage building to the south of 276 Willis Street is The Bresolin bar and restaurant, sensitively-restored by the current owners, and together with the subject property forming part of the successful inner-city bypass project.