Character retail units for sale
Three ground floor units in one of Wellington’s most distinctive character buildings, affectionately known as “the Wedge“— due to the shape of the land it sits on and the “flatiron” style of the building — are for sale.
The three-storey masonry building at 112 Riddiford Street, Newtown is officially known as Ashleigh Court and spearheads the acute junction of Riddiford and Rintoul Streets in one of the city’s earliest, largest, and bestknown suburbs.
Riddiford Street is the main thoroughfare to the southern suburbs and the coast.
Completed in 1907, Ashleigh Court is listed as a Category 1 Historic Place by Heritage New Zealand and is a heritage-listed building in the Wellington City Council district plan.
The architectural cornerstone of Newtown’s eclectic commercial strip was originally built with shops on the ground floor and a hotel named the Langham Private Hotel after its first proprietor, Russell Langham, on the upper levels.
Around the time it opened, Newtown residents had a poll and voted the suburb be a “dry“area, hence, it is likely that if the hotel was granted a liquor licence, it wouldn’t have been held for long.
Much of the building was renovated in 1974 and renamed the Ashleigh Court Private Hotel, followed by further refurbishment in 1997 and unit-titling into individual office and retail premises.
Luke Kershaw and Baha Mabruk, of Bayleys Wellington, are marketing units 11, 12 and 13 for sale as one lot with tenders closing September 18.
Kershaw says the vendors are a small, Wellington-based investment syndicate and they’re divesting a few of their property assets in a realignment of their portfolio.
“On offer here is a total of 112.95sq m of ground floor retail space with leases in place across three unit titles at the northern end of the building,” explains Kershaw.
“The wall between units 11 and 12 has been removed to allow for a more open space for the cafe´ tenant, Rubia Express.
“Meanwhile, unit 13 has been divided into two tenancies with the retail portion fronting Riddiford Street occupied by Gaia Organics Australia treading as The Vape Crew and a storage area on the Rintoul Street side leased to Pranah Cafe´ which occupies a completely separate retail space elsewhere in the Ashleigh Court building.”
The building has been listed as earthquake prone but it has recently been strengthened to 34 per cent of new building standard (NBS), with a plan in place to get it up to 67 per cent NBS with a funding boost from a Heritage EQUIP grant.
Mabruk says the character building has a sound leasing history and the annual net rental return is currently $45,689.
“The Rubia Express Cafe´ has a sixyear lease on its premises through until March 2025 plus a 3-year right of renewal,” he says.
“The modest lease on the small storage component runs through until 2029, while The Vape Crew lease expires at the end of this year with a three-year right of renewal yet to be exercised
“These units are perennially popular and eagerly sought-after by businesses wishing to enjoy a high-profile presence in this great suburb which has so much going for it.”
Newtown is anchored by Wellington Hospital, Ronald McDonald House, and other medical hubs such as Wakefield Hospital and Southern Cross Hospital and Specialist Centre. Massey University’s Wellington Campus is close by as is the airport and the central city.
Kershaw says these credentials underpin the commercial centre of the self-contained suburb which has long-attracted a broad mix of residents. “The cross-section of people and the bohemian mix of shops and businesses in Newtown is what makes it special,” he says. “These retail units will appeal to investors with budgets sub-$1 million looking to get onto the commercial property ladder.”
“We expect a lot of interest to come from locals as they understand the dynamics of the area and appreciate just how popular these character premises are.”