A highly sought-after site, Reading Courtenay Central and associated landholdings in Te Aro Wellington boasts unlimited potential and significant value-add opportunities for developers with vision.
JLL is bringing to market a once-in-a-lifetime opportunity to secure a property that offers control of approximately 1.5 hectares of flat, freehold land on Wellington’s sought-after Golden Mile. The property consists of several adjacent sites acquired by Reading over a period of years. Offered together, they provide one of the last contiguous, privately owned development properties in central Wellington.
Development opportunities are extensive, with strong demand in the heart of Wellington City for premium residential developments, retail spaces, restaurants, cafes, hospitality, hotels, and entertainment venues. Just two blocks from the Wellington Waterfront, this unique development site is strategically situated directly across from the newly constructed Takina, Wellington’s Convention and Exhibition Centre, which attracts both international and national delegates. Other prominent city landmarks nearby, include the Museum of New Zealand, Te Papa Tongarewa, which attracts more than 1.5 million visitors annually, and the historic St James Theatre.
One of the largest and last remaining flat, freehold sites available across New Zealand CBDs
Managing Director for JLL New Zealand, Todd Lauchlan, points to the strength of the location of the full-site divestment across five titles, as a primary driver for a developer to make their mark on Wellington’s potential-laden Golden Mile.
“Taking control of 14,964m2 of freehold land in Wellington’s CBD is an unmissable opportunity for developers seeking a foothold in one of the New Zealand’s most popular destinations,” said Lauchlan.
“With the new height limit of 42.5 metres, a development at this full height would achieve priceless views over Wellington Harbour and to the northern ranges for potential residential, hotel or office uses. Crucially, Reading Courtenay Central sits in the middle of Courtenay Place, which will benefit from the planned Golden Mile revitalisation by Wellington City Council and NZTA, breathing new life into the CBD and create a more vibrant, hospitable place to work and play.”
Reading Courtenay Central and associated landholdings
Head of Capital Markets for JLL New Zealand, Jonathan Ogg, highlights the demand for residential and office property as a key opportunity for the incoming owner.
“The housing and office markets in Wellington are extremely competitive right now, with prime office vacancy at just 3.3% in the first quarter of 2024,” says Ogg. “According to Trade Me’s Rental Price Index, average rents in Wellington increased 3.1% quarter-on-quarter in April 2024, to sit at $670 per week – the third highest in the country behind only Auckland and the Bay of Plenty. These factors represent an opportunity for a developer to create an appealing mixed-use precinct in a rarely available location.”
Head of Capital Markets for JLL Australia and New Zealand, Luke Billiau, suggests Wellington’s inherent strengths bolster the potential of the opportunity at the Reading Courtenay Central and associated landholdings site.
“New Zealand has experienced strong annual net migration gain of 130,900 people through February 2024 and continues to shine as a consistent performer through challenging global economic conditions,” says Billiau.
“Wellington has significant appeal on the New Zealand stage with an average household income of $165,000 – 25% higher than the national average – and some of the biggest drawcard attractions in the country. Wellington, the creative heart and capital of New Zealand, has also been designated a UNESCO Creative City of Film being the home to innovative production and special effects facilities, as well as many talented filmmakers. Known as “Wellywood”, Wellington takes production credit for Hollywood blockbusters like The Lord of the Rings trilogy, The Avengers, and the Oscar-winning Avatar franchise.
“Wellington also offers world class cultural institutions like Te Papa, a thriving sports scenes across the city, and is fast becoming New Zealand’s home of fintech. All of these factors contribute to Wellington’s desirability and popularity among tourists and residents alike.”
Reading Courtenay Central and associated landholdings is available for sale exclusively by JLL via an International Expressions of Interest campaign, closing Thursday 15th August 2024.
