Porirua to get first inner-city residential apartments before end of the year
Porirua will get its very first inner-city apartments before the end of the year.
About 43 apartments will be built in the former NZ Post building in Porirua's CBD and will be ready for tenants in October, project manager Tony Seagel said.
The Wellington Company has signed a deal with Porirua City Council to lease the building for two years for $100,000 while it undertakes seismic strengthening and converts the building into a residential living area.
It will then buy the building for $300,000.
Seagel said he did not know what the apartments would be rented for, but research suggested Wellington commuters, Whitireia students, business travellers and weekend travellers were the type of tenant the apartments would attract.
"Almost every weekend Wellington city runs out of hotel accommodation, which is where we step in."
Plans for the complex involve one and two bedroom apartments on the top three floors of the property with commercial businesses on the ground floor.
"It will probably have a hotel-type entrance and restaurant," Seagel said.
"We've had a number of commercial businesses show interest.It will definitely bring life to the area."
Some parking would be provided but Porirua's CBD was already over-supplied with parking, Seagel said.
Porirua mayor Mike Tana said residential living in the city centre could only be good for economic development.
Under the lease conditions, The Wellington Company is required to complete the redevelopment by November 2018 Failure to do so will see the building returned to council, Tana said.
The apartments are the second Porirua residential development by The Wellington Company, which will construct up to 18 two-bedroom relocatable apartments on council-owned land on Station Rd this year.
The lease will run for 10 years, with the option of a further 10-year term.
The Wellington Company owner Ian Cassels said he was excited by the project.
"We see real opportunity in the Porirua city centr, and are excited to play our part and invest in its reinvention as a place where people live," he said.
"We've done this successfully in [Wellington's] Cuba St and we think it's possible to bring life and a different dimension to Porirua's too."