STRENGTHEN, REDEVELOP or START AGAIN
A Hataitai icon for decades, the Hataitai Hot Bread Shop is possibly known by every Wellingtonian, at least anyone living in Wellington for any length of time. With this long standing, established and very successful tenant as your anchor, plus a Design Studio in the more recently upgraded rear building, all on 374sqm (more or less) of fairly flat land, you know you have as surety of income until you finalise your longer term plans.
And plans is something you will need, as the original building is deemed earthquake prone (yellow stickered), so the new owner has until 2027 to resolve this issue.
* Total floor area 250sqm (more or less)
* Land area 374sqm (more or less)
* Front Tenancy (Hot Bread Shop) including shop, kitchen, storage, toilet: Rent of $45,400+GST pa, expiring 18 July 2024
* Rear tenancy (Vivid Origin Design) including offices, kitchen, bathroom in more recent separate building: Rent of $24,000+GST pa, expiry 1 April 2023, 1 x 3yr RoR, final expiry 1 April 2026
* 2018 RV $770,000 ($600,000 Land, $170,000 Improvements)
* Outgoings: Rates $7,953.24pa; Insurance (buildings, BI & PL) $20,247.71pa (both inc GST)
* Suburban Centre zoning (9m building height limit, 100% site coverage)
* Building is subject to the Hataitai Heritage rules
For Sale by TENDER: closes 1pm, Thursday 19 May, at Lowe&Co Realty, 8 Kent Tce, Wellington (vendor will not be considering offers prior to the deadline).
Viewing by appointment.
Our vendors have owned this property since 1992, but a change in their circumstances means it is reluctantly offered for sale. With Centre zoning, the redevelopment options are exciting, with excellent holding income in place in the mean time.