Prime Wellington CBD Value-Add Opportunity

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Prime Wellington CBD Value-Add Opportunity

126 Featherston Street, Wellington Central, Wellington City

As Exclusive Agents, CBRE New Zealand is pleased to present 126 Featherston Street, Wellington Central, Wellington for sale by Private Treaty.

The property comprises a prominent eleven-level commercial building constructed circa 1981, incorporating basement car parking, ground-floor retail, eight upper levels configured for office accommodation and three residential penthouse apartments each arranged over two levels. The building provides a total net lettable area of approximately 3,982sqm and is situated on a 524sqm (more or less) leasehold site which has been secured with WCC. Having recently undergone a comprehensive seismic strengthening programme, the asset is further supported by detailed design documentation prepared for a future cosmetic refurbishment, presenting a well-positioned strategic opportunity.

A key enhancement underpinning this opportunity is the owner’s successful agreement with Wellington City Council to acquire the underlying leasehold land, with settlement set for 18 December 2026. This provides the incoming purchaser with a clear pathway to transition the asset to fee simple (freehold) ownership.

The building currently generates gross holding income of approximately $678,000 (plus GST), providing immediate cashflow while a purchaser implements a structured leasing and repositioning strategy. Upon stabilisation, the asset has the potential to generate net income to circa $1.7 million (plus GST) per annum, reflecting potential for significant uplift available through active asset management. Completion of the seismic strengthening programme presents compelling strategic optionality, including the opportunity to secure the underlying freehold interest and pursue alternative uses such as a residential conversion of the upper levels for which a comprehensive scheme has already been prepared.

Occupying a prime position in the heart of Wellington’s CBD, the property benefits from immediate proximity to essential amenities such as the Government precinct, key public transport links, Lambton Quay retail amenity, and the waterfront. This offering combines a strengthened asset with clear pathway to secure freehold tenure with substantive preparatory work already undertaken to support a potential residential conversion for short or long-term accommodation. Collectively these attributes position 126 Featherston as the most compelling strategic opportunity currently available within the central city.

Key investment highlights:

NLA of approximately 3,982sqm

Strengthened to 80% NBS

Land area: 524sqm (more or less)

Freehold secured with WCC, with a delayed settlement (December 2026)

Holding income

Add-value options - refurbish or convert

Prime Wellington CBD location

12 basement car parks

Penthouse currently configured into 3 residential apartments

CBRE strongly recommends early consideration of this outstanding CBD add-value and repositioning opportunity and invites interested parties to contact the Exclusive Agents without delay.