Wellington Art Deco investment for sale

A landmark central Wellington Art Deco property has gone up for sale offering new owners substantial rental income from a proven accommodation provider and future flexibility.

Chevron Suites occupies central Wellington corner

Situated in a standout position at the corner of Wakefield and Chaffers streets, Chevron Suites provides elegant living in a character 1930s former office building. Now offered to buyers through Bayleys Real Estate, the property sits a block from the waterfront, between Waitangi Park and Courtenay Place.

Eight-storey building contains 49 residences

Seismically strengthened to 80 percent of new building standard and converted to apartments in 2022, the eight-storey building contains 49 residences across 25 unit titles. It incorporates dual-key configurations and a mix of studio, one and two-bedroom layouts, plus a ground-floor retail unit with dual street frontages.

The distinctive exterior with vertical fluted detailing and chandelier-lit entrance foyer create a graceful arrival, and upper levels feature balconies with harbour views.

New lease provides $1.2 million net rental income

New owners will earn a net rental return of $1,200,000 plus outgoings and GST per annum under a new five-year lease to the accommodation operator, with a further five-year right of renewal.

Lease terms offer future ownership flexibility

Provisions allowing the owner to recover units for personal use or sale, subject to the lease terms, provide flexibility to pursue alternative ownership and disposal strategies.

Twenty-five unit titles offered as one holding

The 25 unit titles at 8 Chaffers Street, Te Aro, Wellington, are being offered for sale as one holding by way of a tender closing on Wednesday 2 December.

The sale is being marketed by Mark Walker and Luke Kershaw of Bayleys Wellington Commercial.

2022 conversion preserved Art Deco character

Walker says the property will be eyed as a trophy purchase, backed by solid commercial investment credentials.

“Known for many years as Polo House, this building underwent comprehensive works in 2022 including seismic strengthening, partial recladding, refurbishment of its Art Deco exterior, and full internal conversion from offices to apartments, with retail at street level.

“The building has a combined floor area of some 2100 square metres, with residences featuring quality finishes including tiled bathrooms, luxurious carpeting, plush drapes, and well-appointed fixtures and fittings,” Walker says.

City Centre zoning and waterfront proximity

The building sits on a City Centre-zoned site of some 294 square metres.

Central location supports accommodation demand

Kershaw says future activity and value at the site is underpinned by its high-profile central location.

“Accommodation here places guests and residents within comfortable walking distance of Wellington's key visitor attractions, events venues, and the CBD, with the airport around 15 minutes' drive away.

“The surrounding area is home to Te Papa, the national museum, Tākina, the Wellington Convention and Exhibition Centre, and the many restaurants, bars and theatres of Courtenay Place.

“These draw a steady, year-round flow of tourists, conference delegates, and eventgoers, driving solid demand for quality short- and medium-stay accommodation,” Kershaw says.