Car dealer’s building steers into the future

The building housing central Wellington car dealership Johnston Ebbett Holden is for sale — and the property has changed perceptions in the city of what a vehicle display area can look like.

Andrew Smith of Bayleys Wellington, who is marketing it with colleague Mark Walker, sold the freehold 2067sq m building on a 1084sqm site with dual access from Taranaki and Wigan Sts to its owners in 2012.

The property features in Bayleys’ latest Total Property portfolio magazine and will be sold by tender closing September 18.

Johnston Ebbett refurbished the building with showrooms on two levels before moving in as tenants.

The dedicated Holden dealership — part of the wider New Zealand Ebbett Group which has been trading since 1928 — is now seven years into their initial 12-year lease on the property, which has an eight-year right of renewal beyond 2024.

Currently returning net rental income of $259,427, with a parent company guarantee, the property has future rental growth assured via annual rent reviews to CPI and a market review on lease renewal.

Andrew Smith says Johnston Ebbett’s makeover has given the property strong street appeal, and its two-level showroom, allowing around 25 cars to be displayed, has proven successful.

“The property has a real inner-city vibe with striking interior architectural features such as brick feature walls,” says Smith.

The location, between SH1 Vivian St and SH1 Karo Dr, optimises exposure to passing traffic and leverages off the proximity to main arterials.

There’s a vehicle ramp to the second level showroom and vehicle preparation area; a staircase with glazed balustrade gives access to the mezzanine management offices; while to the rear of the building is a workshop.

The ground floor showroom incorporates customer amenities, reception area, sales offices, a customer lounge, service offices and parts area.

There is drive-through customer access and workshop reception. The workshop has an extractor ventilation system, in-floor drains, and wallmounted heating units.

The first floor showroom features a polished concrete floor, along with storage, a staff lunch room, hot water boiler, cabinetry and heat pump.