It’s not often a vacant possession hotel in a strategic, central-city location comes to market, so when one arises it’s imperative you act quickly. 70 Tory Street, Te Aro, Wellington features 89 residential apartments including a mix of studio, one-bedroom, two-bedroom, and four penthouses, providing for short- and long-term stay options. In addition, three commercial units and carparks combine as a mixed-use opportunity appealing to owner-occupiers, investors, and rent-to-own operators. Approximately 4,760sqm of gross floor area, plus decks and balconies with views across Wellington, make 70 Tory Street a must-see property, now on the market for sale by Expressions of Interest.

70 Tory Street, Te Aro is in a prominent, central Wellington location in close proximity to Te Papa, Courtenay Place, the waterfront, and nearly completed convention centre Takina. Coming to market with vacant possession, each unit is ready to be occupied and is fully furnished, with whiteware, ovens, stoves, TVs, and beds – turnkey investors take note. The astute investor who secures this property ahead of the forecast uptick in hospitality in the coming months has the potential to capitalise on a burgeoning, refreshed tourism industry. A turnkey, mixed-use, vacant possession property in this location has undeniable potential, and is a sound addition to any commercial property portfolio. What’s more, the high NBS rating of 80% gives 70 Tory Street an ‘A’ building grade for seismic risk.

JLL has been exclusively appointed to market 70 Tory Street, Te Aro for sale by way of Expressions of Interest, closing 4pm Thursday 13th October 2022 (unless sold prior).

JLL Sales & Leasing Director Jim Wana says the potential cash flow from the combination of apartments and commercial units sets this property apart from the rest of the market.

“Aside from the residential aspects of this hotel property, the three commercial units, (inclusive of 56 parks pending lease) have potential to provide approximately $450,000 gross annually plus GST,” says Wana. “Further income can be generated as a hotel owner-operator, by an investor seeking an operator, or working to a hybrid residential model.”

Beyond the potential returns, JLL Director Hotels & Hospitality Nick Thompson believes the tourism and hospitality sectors are primed to bounce back strongly following the last two uncertain years.

“New Zealand’s hospitality sector is the jewel in our beautiful country’s crown, and domestic and international visitors are excited about the now-open borders that make coming to our major cities a realistic option once again,” says Thompson. “Owning a strategically positioned mixed-use property right in the heart of the capital city is a rare opportunity for good reason. The pedestrian traffic and proximity to important landmarks and top hospitality establishments puts this hotel in a desirable position that the new owner can take advantage of.”

On a parent site of 700sqm right in the middle of bustling Wellington City, and with approximately 4,760sqm of gross floor area (not including decks and balconies that feature in the apartments), opportunities abound at 70 Tory Street, Te Aro. Over 100 unit-titled parking bays on the property add real value in this enviable central location. This is an exciting prospect for investors looking at their next portfolio addition.

Interested parties should contact the sole agents JLL Director Hotels & Hospitality Nick Thompson and JLL Sales & Leasing Director Jim Wana for more information.