The Michael and Suzanne Borrin Foundation, a philanthropic foundation that supports legal research, education, and scholarships, is selling four properties in Te Aro, Wellington.
The foundation’s Te Aro portfolio comprises: 7 Leeds Street, 123-125 Cuba Street, 135 Cuba Street, and 63 Courtenay Place.
Sale proceeds will be reinvested by the foundation to fund significant legal research projects to support an inclusive legal system in New Zealand.
For sale by deadline private treaty closing at 4pm on Wednesday 15 March, the four properties are being marketed by Hamish Templeton, Alistair Robertson, and Richard Findlay of Colliers Wellington.
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Templeton says the Borrin Foundation trustees have stated that holding property is not its ‘core business’. The board wants to ensure that its sole focus is on making meaningful grants to fund legal research.
“The properties are in sought-after Te Aro locations and have immense upside for value-add investors. The four properties can be bought individually or together as a portfolio.
"They will appeal to a wide range of buyers, including private investors, owner-occupiers, and large-scale developers with an eye to the future,” Templeton, Investment Sales Broker at Colliers Wellington, says.
Colloquially known as the Fortune Favours building, 7 Leeds Street is tenanted by one of New Zealand’s favourite craft breweries. The two-level character building was refurbished and brought back to life in 2017. Fully leased to Kapura Group, the building enjoys a prominent location with high foot traffic numbers.
Templeton says a key attraction of the building is its location. Leeds Street is one of Wellington’s most vibrant streets, home to many of the capital’s favourite hospitality hot spots, including Goldings Free Dive, Shepherd, and Leeds Street Bakery.
Adjoining the Leeds Street property to the west is the Stables Building at 123-125 Cuba Street. Templeton says this would lend itself to refurbishment to create a unique space for a tenant or owner-occupier.
It has a 115sq m net lettable area over two levels; it requires strengthening and refurbishment. There are three car parks between the two properties.
Known as the Barber’s Building, this heritage-listed property has two retail shops on the ground floor and two levels of vacant character space upstairs, accessed by a central staircase.
A few doors along is 135 Cuba Street, a prominent corner site leased to Night ‘n Day, providing strong cashflow and long-term development potential.
“This is an outstanding opportunity for investors and developers. The corner is well known to Wellingtonians and the existing tenant runs a successful business. The Cuba Street side of the property is subleased to two tenants, Zambrero and Kapura Group, that are taking over the former Tulsi tenancy with a new Indian-fusion cuisine concept.”
Formerly known as Bristol Court, the building sits at the heart of the Cuba Quarter amid a variety of revitalised properties, including the Kisa Building, Naumi Hotel, and the Floriditas Building.
“The Cuba Quarter is a precinct that is rapidly changing both in terms of urban landscape and building use. Buildings in the area are tightly held and there’s a burgeoning refurbishment of heritage properties.”
The fourth property, 63 Courtenay Place, is leased by Kapura Group; it is home to the single-level Garden Hotel. Kapura recently renewed its lease for a further six years and plans to repurpose the interior with a new Italian concept.
“Courtenay Place is the hub of Wellington’s night life and entertainment venues such as the recently refurbished St James Theatre, Wellington Opera House, and Embassy Theatre.
“The area also benefits from many residential and commercial developments. The urban landscape is changing, and Courtenay Place remains a very tightly held area. Kapura Group’s lease renewal is another vote of confidence for the area.”
- Article supplied by Colliers
