As Exclusive Agents, CBRE New Zealand is proud to present the iconic Paramount Building located at 25 Courtenay Place, Te Aro, Wellington for sale. With prominent frontage to Courtenay Place, along with a diversified income stream and rich history, it is likely to be viewed as a trophy holding by many local property investors.
The property comprises a character building constructed in 1917, which sits on a prime 1,099sqm (more or less) freehold land parcel. This heritage building was home to Wellington's oldest cinema before it underwent a significant programme of re-purposing, refurbishment and strengthening works to convert the former cinema/auditorium space into office accommodation and hospitality, with the addition of a mezzanine.
The building was structurally strengthened in 2019. The total lettable area is 2,370sqm accommodating retail, hospitality, and office tenancies, offering a strong and diversified income stream. Overall, the development works resulted in a "near new" character space with a very high stud to parts, excellent natural light, and access to outdoor decking and hospitality areas such as the rooftop courtyard and lounge.
The property is located within the ‘Central Area’ zone of the Wellington City Council District Plan and is located towards the eastern end of Courtenay Place, on the southern side opposite Allen Street, in the heart of Wellington city's entertainment precinct.
The property is being offered for sale by Private Treaty.
Given the tightly held nature of property on Courtenay Place, CBRE expect that buyers will view this as an attractive investment option and therefore encourage interested parties to get in touch without delay.
Investment highlights include:
* Passing net income: $745,071pa + GST
* Strengthened and architecturally refurbished
* Land area: 1,099sqm (more or less)
* Net lettable: 2,370sqm
* Diversified income stream
* RV: $11,700,000
