182 Wakefield
182 Wakefield St, WELLINGTON.
27 Apartments, 3 Retail Stores and 1 Office Suite
We identified this commercial building as being ideal for conversion into residential accommodation, the character of the building along with its superb views, high stud and opening windows.
It is a great example of a development where we felt there would be benefits from retaining ownership long term.
After purchasing the building we completed the $5m conversion to feature 26 high-quality apartments, three retail stores on the ground floor and two penthouse office units on the top floors. A re-furbishment was carried out on the upper levels recently to convert one of the office suites into a luxury Penthouse Apartment.
The property maintains a balanced cash flow with a mix of residential, retail and office tenants and it stands to benefit over time from the revival of Wellington's waterfront.