Retail package for sale on Cuba St corner
Two fully leased ground floor retail units held in two separate unit titles on the corner of Cuba and Garrett Sts in Wellington’s Cuba precinct, are for sale.
Unit 1/148 Cuba St, which fronts Garrett St is home to supplements business NZ Healthy Care, while unit 2 is divided into two tenancies and occupied by long-standing tenants Comrades army surplus store, and R&S Satay Noodle House restaurant.
Comrades was established in 1990 and has carved out an avid following with its range of army surplus gear and memorabilia. It moved to the Cuba St address in 2010.
Offering Malaysian cuisine, R&S Satay Noodle House has traded for more than 20 years and is a popular fixture on the city’s eclectic dining scene.
The units, which are being sold together, have a combined footprint of about 408m2 and there are three associated car parks on level one of the building.
They return a combined net income of about $187,000 plus GST per annum, with tenants on new leases of three to 10 years duration with additional rights of renewal.
Mark Sherlock of Bayleys Wellington Commercial said the wellperforming commercial asset would have appeal for passive investors looking to secure a spot in the sought-after precinct which is currently undergoing a significant streetscape upgrade to enhance walkability and aesthetics.
‘‘These two units comprise the entire ground floor of a modern
seven-level 1980s office/retail building on a prominent corner, with the Comrades shop having a highly-visible wide angled entrance way looking straight down Cuba St to Cuba Mall,’’ Sherlock said.
‘‘The Cuba precinct has endured as a retail destination thanks to its bohemian nature, with independent operators and some of the city’s best-loved restaurants and cafes providing a tangible point of difference in the marketplace.’’
While the broader area was developed at the turn of the 20th Century, with surrounding buildings typically relatively low rise, and often heritage-classified, Sherlock said the subject building benefitted from the precinct’s character-filled vibe, without any protective overlays.
‘‘While heritage buildings give the precinct personality, a more modern building with optimal exposure to the street and lower maintenance demands has appeal
for passive investors and these retail units have served the retiring owner extremely well during their tenure.’’
Wellington City Council is progressing with upgrade projects in the immediate area. Streetscape beautification and underground services renewal works are underway with Garrett St and nearby Swan Ln laneway upgrades due for completion by the end of this year.