Fully Occupied & Extensively Refurbished

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Fully Occupied & Extensively Refurbished

11 Courtenay Place, Te Aro, Wellington City

As Exclusive Agents, CBRE New Zealand is pleased to present 11 Courtenay Place, Te Aro, Wellington to the market; an exceptional mixed-use investment opportunity in the heart of the capital’s most vibrant precinct.

Invest in the heart of Wellington’s premier restaurant and entertainment precinct. Occupying a prominent 579sqm (more or less) freehold site, this character building combines prime positioning with a diversified and resilient income profile.

The location delivers outstanding convenience with supermarkets, fine dining and boutique shopping all within easy reach. Mt Victoria, Oriental Parade and Waitangi Park are all within a short stroll, placing some of Wellington’s best outdoor spaces at your doorstep. For those working in the CBD, Lambton Quay is an easy 10-minute walk away, while a bus stop directly outside the laneway provides quick and easy access to the train station.

The building underwent a comprehensive refurbishment and structural upgrade in 2025, achieving a seismic rating of 70% NBS and delivering a high-quality, modernised asset. Comprising approximately 1,012.10sqm of net lettable area, the property incorporates a well-balanced mix of retail and residential accommodation.

The ground floor is split into three retail tenancies occupied by established operators, while the upper levels feature four contemporary, two-storey “near new” apartments with private outdoor areas. These residences are fully leased to a recognised serviced apartment operator on a 5-year term plus one 5-year right of renewal, providing accommodation for visitors seeking to immerse themselves in Wellington’s lively dining, café and theatre scene, right on the doorstep.

Returning approximately $487,446 net per annum (plus GST), the property benefits from multiple income streams and enhanced flexibility through individual unit titling across both residential and commercial components, offering an investor flexibility and upside now and in the future.

Zoned ‘City Centre’ under the Wellington City District Plan 2024, 11 Courtenay Place represents a rare opportunity to secure a fully revitalised, strategically located asset in one of New Zealand’s most tightly held and sought-after urban precincts.

Investment Highlights:

Prime freehold site: 579sqm (more or less) in the heart of Wellington’s premier entertainment precinct.

Diversified income stream: Well-balanced mix of retail, hospitality and residential tenancies providing income resilience

Strong cashflow: Net income of approximately $487,446 per annum (plus GST) backed by established tenants and a long-term lease over the residential component:

Extensively refurbished asset: Comprehensive 2025 upgrade delivering a modernised building retaining character with a 70% NBS seismic rating.

Long-term lease over residential: Four high-quality, “near new” apartments fully leased to a recognised serviced apartment operator on a 5-year term plus one 5-year right of renewal.

Established Ground Floor Tenancies: Three retail tenancies occupied by proven operators.

Unit-title flexibility: Individual titling across all residential and commercial components provides flexibility and upside, now and in the future.

Premium lifestyle location: Direct access to dining, entertainment, and retail amenity, with close proximity to Mt Victoria, Oriental Parade and Waitangi Park.

Excellent connectivity: Easy 10-minute walk to Lambton Quay (CBD), with public transport at the doorstep and convenient access to the railway station.

Tax depreciation: Given the comprehensive 2025 refurbishment, a fresh depreciation profile is a real after-tax benefit.

The property is being offered for sale by Deadline Private Treaty, closing Thursday 9th July at 4pm (unless sold prior).
For further information, please contact one of the nominated brokers.