Heritage building’s new lease on life
One of a mirror-image pair of character buildings — relocated at the beginning of the Wellington inner city bypass project — is up for sale for the first time since it was sold by the NZ Transport Agency in 2010.
The two-level former inner city residence, at 276 Willis St, Te Aro, with its rusticated timber cladding, corrugated roof and bullnose verandah, was originally built in 1901.
Along with its ‘twin sister’ at 274 Willis St, the Italianate-style building was refurbished in line with the strict heritage covenants overlaying the 19 buildings relocated for the bypass.
Architectural historians researching the history of the pair came up with a colour scheme that reflected original paintwork with reddish weatherboards, flesh-pink detailing and dark green window frames. Original mouldings were matched and balled finials gracing the top of each faade were recreated.
James Higgie and Grant Young of Bayleys Wellington will take 276 Willis St, at the southern end of the CBD, to auction on December 5 on behalf of its Wellington property investment, management and construction company owners. The property features in Bayleys’ latest Total Property portfolio magazine.
Higgie says the building has been strengthened to 100 per cent of new building standard and has a new fouryear lease in place, with one further four-year right of renewal.
“The property is being utilised as a commercial premises for a picture framing retail business on the ground floor, with residential and commercial uses on the first floor,” he says.
“It is our view that the best and highest use for the property would be as a live-work premises and the majority of the character buildings within this precinct are owner-occupied.”
“While there is annual net income of $39,883 at present, a long-sighted owner-occupier could scope this out as a potential future live-work opportunity.”
There is about 158sq m of space across the two levels, sited on 122sq m of freehold land. At street level, there is retail and studio space along with a full kitchen and toilet facilities. An internal stairwell leads to three upstairs rooms, and a bathroom. There is a small fenced courtyard to the rear of the building.
Higgie, who was closely involved with the original sell-down of the relocated buildings, says there have only been a handful of properties within the precinct coming on to the secondary market.
“The buildings were hotly contested when they were first marketed and have remained tightlyheld since.”
Zoning for this part of Willis St is designated Central Area. The subject property sits on the western side of Willis St close to the Karo Dr-State Highway 1 on-ramp.
The building is believed to have been designed by Wellington architect Francis Penty, who was responsible for a huge catalogue of residential dwellings, along with the Townsend and Paul warehouse in Allen St, the Wellington Woollen Co. warehouse in Jervois Quay. Penty was also co-architect for the Hunter Building at Victoria University.