Depot up for grabs
A 1970s office building could bring some relief to house buyers in Wellington’s tight housing market.
The two-storey 3820-squaremetre former Ministry of Works depot is up for sale on George St in the heart of residential Thorndon.
Colliers agent Tim Bowden says there had been a lot of interest in the site, which covers 2728sqm.
Thorndon was a highly sought after location and opportunities for larger scale developments close to the city did not come up often, he said.
Bowden said Wellington’s housing market was not cooling down and there was precious little land being freed up for building. Already surrounded by housing, the property was a suitable spot for much needed residential development.
The depot building also included a warehouse area, which featured a gantry crane.
The site had a QV valuation of $3,950,000 in September last year.
While the site would be well suited to townhouse developments – as had become popular in the immediate area – potential buyers shouldn’t overlook other opportunities, he said.
‘‘The opportunity shouldn’t be dismissed for owner occupiers and institutional owners to revamp the existing building and make use of its parking, warehouse and office combination.’’
In 2017, the site was earmarked as a possible Special Housing Area, however Bowden was not aware of that status having materialised.
Special Housing Areas allow fast-tracking of certain residential developments as a quicker alternative to the Resource Management Act and give developers the ability to push through applications without the need for public notification.
The property will be sold by tender.
Offers close on October 9.