Vintage charm in heart of tech hub
The 92-year-old Mountain Safety House building in Wellington, formerly known as the British Cars House, is up for sale for the first time in 24 years.
The five-storey brick building on Tory St has offices, as well as retail and residential space, and also includes a large penthouse apartment with a rooftop area suitable for a rooftop garden and entertainment area.
Colliers International agent Sam McIlroy said properties were tightly held in Te Aro so he expected a lot of interest in the mixed-use building.
‘‘Te Aro’s population has doubled in size approximately every five years, primarily driven by the increase in new residential buildings or conversions.
‘‘This northern area of Tory St is developing really fast and evolving into a vibrant, boutique part of central Wellington.
‘‘It has an eclectic mix of office, residential and retail. The redevelopment of the former Reading complex nearby, the new convention centre and potential movie museum around the corner will add further to its rapidly improving value.’’
Colliers agent Michelle Chadwick said the 1925 building, previously called British Cars House, was 36 per cent of the new building standard.
It had potential to be converted into residential apartments.
‘‘We expect interest to come from all types of investors such as an owner-occupier, architect, or developer,’’ Chadwick said.
Fifteen per cent of Wellington’s businesses are based in Te Aro, with many attracted by the area’s proximity to apartments, entertainment, hospitality and boutique retail, she said.
‘‘The area has a diverse mix of tenants, from government and local agencies to technology companies, startups and industrial. The tech hub is located at the northern end, near this property, and includes the likes of Trade Me and Xero.
‘‘Adding to the eclectic nature of the area are the growing number of resident creative agencies and the thriving entertainment district.’’
The building, which is a stone’s throw from Courtenay Pl, has a shop front and a tiled lobby with a vintage cage lift.
The building sits on a 564-square-metre site and has about 2103sqm of leasing space.
There are two office vacancies on the first and third floors.