A commercial property with desirable development potential in a key Wellington suburb, 59-60 Kent Tce, Mt Victoria, is a prominent, versatile three-storey building that features over 1800sq m of floor space.
It has the potential to significantly increase returns through residential or commercial development and a central location near the Basin Reserve and Mt Victoria Tunnel.
It is now on the market for sale by deadline private treaty closing Wednesday, March 15, through JLL.
The property will appeal to a range of buyers who are looking for a freehold site in a convenient CBD location.
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Resource consent has been granted that permits the construction of an additional three storeys, each consisting of seven apartments for residential, office, or other commercial use.
Sold with a longstanding tenant in place with its lease expiring in January 2025, the buyer can consider their development options while maintaining sound income.
JLL sales and leasing director Gary Hansen points out the 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 Tce 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 plus GST. After several rights of renewal, the final expiry is 31 January 2025.
“Right in the centre of Mt Victoria, and opposite the longstanding motor vehicle trade hub on Kent Tce and Cambridge Tce, this property is in a sought-after, convenient location with plenty of nearby amenities including cafes, restaurants, offices, apartment blocks, and showrooms.
Kent Tce is also part of SH1 and is a three-lane carriageway through Wellington that carries a large volume of traffic every day.”
— Article supplied by JLL
