The retail units for tender lie to the northern end of Chews Lane and provide modern retail premises at 37, 39 and 41 Willis St, along with 29 Willis St which features a repurposed original facade with an integrated modern frontage.
Mark Sherlock and Jim Wana of Bayleys Wellington are marketing the four units which will be sold by tender – either individually or in combination – closing 4pm Wednesday, June 26.
"In today's CBD commercial property climate it's not often that buyers get the opportunity to buy just the retail component of a development", explains Sherlock.
"It's rare to find assets of this quality, in such a prime location and in an accessible price bracket."
Sherlock says the "halo effect" of perennial favourite Lambton Quay, has seen a consolidation of high-profile retailing along neighbouring Willis St and recent and ongoing development in the area adds weight to the value of the retail units on offer.
"Willis Street is seen as a natural extension to Lambton Quay with businesses leveraging off the pedestrian counts and enduring appeal of the city's flagship business strip," says Sherlock.
"There are limited retail vacancies in Willis Street and with high-profile fashion brands Dangerfield, Gorman and Decjuba recently signing long-term leases on the Chews Lane side of Willis Street, there's real confidence being shown in the precinct.
"Argosy Property's redevelopment of the well-known Stewart Dawson's Corner is well-advanced with a leading retailer understood to have committed to the site; while number 8 Willis Street and 18 Willis Street are also being redeveloped.
"Add in the Press Hall eateries complex which was completed last year – and the underlying locational fundamentals of these retail units is strong."
At 261.5sq m, the Pagani Fashions tenancy is the largest of the four units and at 78sq m the smallest is that of Adventure Travel.
The strong net leases across the individual properties range from $103, 093 to $203,630.
"These retail units will represent good buying for those investors looking for bottom drawer properties for a long-term hold," says Sherlock.
