57-65 Manners Street, Wellington New Zealand

Midtown Money Spinner

Perfectly positioned in midtown Wellington, this multipurpose building offers a diverse mix of commercial income streams and an established and profitable accommodation operation with strong growth potential. Strengthened to 75% of NBS, the building’s prime inner-city location is well positioned to capitalise on the capital city’s growing tourism market and shortage of central city short-term and apartment accommodation.

The Setup On Manners

The sale of 57 Manners includes sale of the business currently trading as ‘The Setup on Manners’, which offers smart casual short term accommodation for the modern traveller. With 81 short-term rooms situated on levels 2 and 3 of 57 Manners Street, the operation provides comfortable and affordable short and long-term accommodation in Wellington. An accommodation with a variety of rooms, all only a few minutes’ walk to major inner city amenities, hot spots, and must-sees, it’s the perfect base for visitors and business travellers to explore and access everything the capital city has to offer.

Property

The property is a mixed-use building consisting of:

• 20 Apartments

• 81 Rooms (Short-Term)

• 43 Carparks

• 6 Retail Units

• 1 Office Unit

• 3 Storage Units

The 20 apartments include:

• 3 x 2 bedroom apartments

• 2 x 3 bedroom apartments

• 11 x 4 bedroom apartments

Title

Commercial

Unit 1, Unit 401, Unit 402, Units B1 to B4 inclusive, Units BS1 to BS5 inclusive, Units P1 to P35 inclusive and Accessory Unit 1A, Deposited Plan 89075, Computer Freehold Register Identifier WN56C/500 (Refer to Market Valuation).

Residential

Deposited Plan 89075, Computer Freehold Register Identifier (Refer to Market Valuation).

Tenancies

The property has a mix of both commercial and residential tenancies, including short and long-term apartment accommodation.

• Residential Apartments (Levels 5 to 10) $848,900 pa

• The Setup Accommodation (Levels 2 & 3) $2,731,151pa

• Commercial Tenancies $706,746 pa

See Appendices for detailed Tenancy Schedules(as at 1 April 2019).

Location

Located on the Southern periphery of the Wellington Central Business District (CBD) on the Northern side of Manners Street, in close proximity to its intersection with Victoria Street.