Chris Parkin's central Wellington retail property goes on the market

A Wellington retail investment property on the corner of Wakefield and Tory Sts has been put on the market.
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A Wellington retail investment property on the corner of Wakefield and Tory Sts has been put on the market.

The last of Chris Parkin's commercial interests in the Museum Art Hotel building is up for grabs.

The 450 square metre Wellington retail property, on the ground floor of the hotel, is situated on the corner of Wakefield and Tory Sts.

It  leased to a beauty salon, fashion shoe retailer and a clothing designer store. It has never had a vacancy.

For Parkin, a former councillor and art collector, the sale of the property would mark the end of his commercial interests in the Museum Art Hotel and apartments - but certainly not the end of his involvement locally.

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"It's well known I bought the Master Builders' large complex diagonally opposite on Wakefield St...[and] have plans that will bring more vitality to the area," Parkin said.

"The film museum and convention centre will be a great catalyst for many investors to add value in the immediate area quite quickly, but in terms of the retail units, they're a secure investment without need of any further work, so time for me to move on."

In December, Parkin bought the Wellington Master Builders building for $14.25 million, just four months after he sold the hotel to Sydney-based Amalgamated Holdings for $28.5m.

The retail property, which is being marketed by Gollins Commercial principal Chris Gollins, has quite a long list of factors that would appeal to investors.

"The hotel apartments and this unit were completed in 2006. Once leased, they have been continuously occupied - that's nearly a decade without a vacancy in any of the retail units," Gollins said.

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"They're 50 metres from the site of the new film museum and convention centre.

"The museum hotel itself is being expanded, putting more tourists on this footpath and Wakefield St generally is morphing into an even more vibrant location much the same as Featherston St did."

The three tenants were "perfectly located to capture both tourists looking to spend and regular local repeat customers, with easy parking in the vicinity," he said.

The retail unit has a rateable value of $1.78 million. The national building standard (NBS) seismic rating is 100 per cent.

 - Stuff

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