Thorndon entry for new commercial buyers.

The ground floor of 188 Thorndon Quay is occupied by Bedstop.

A fully-tenanted, two-level retail and residential property is for sale in Thorndon, Wellington, with furniture retailer Bedstop occupying the 306sqm ground floor, and two loft-style apartments above.

A courtyard separates the two apartments, which have a combined area of 294sq m, says JLL agent Ulf Fürher, who is marketing 188 Thorndon Quay for sale by tender, closing Wednesday November 16 at 3pm.

Fürher says the mixed-use property is a good option for first-time investors.

"With both commercial and residential use within one building, this property is the perfect entry for someone looking to get into the commercial property market. It allows an investor to have a foot firmly in both camps, which limits the risk of investment within an ever-changing property market.

"The property's location on Thorndon Quay, a primary arterial route, contributes to the high profile of the ground floor retail, meaning that the property is not only a sound commercial investment, but also receives additional residential income from the two quality New York-style apartments above."

The property is located three minutes from the Railway Station in front of the Westpac Stadium and benefits from a high volume of passing traffic moving into and out of the CBD.

"Given its ease of on-street parking and closeness to the Wellington CBD, Thorndon Quay is well-regarded as the city's premium bulk retail location," Fürher says.

The area is characterised by the prevalence of home décor and furniture retailers, with notable tenants including Beds R Us, Dobbins Office Furniture, Beaurepaires and Silvester Clark Consulting Engineers. Surrounding properties are typically low to medium-rise buildings, with bulk retail on the ground floor and offices or apartments above.

Fürher says market conditions in Wellington are favourable for residential landlords seeking to buy.

"At the moment, there is the least number of residential properties on the market that we've seen for 30 years. This time last year there were almost 1000 more properties on the market. "With such a low supply of residential properties, residential landlords are in the middle of an Indian summer, benefiting from increasing rentals and rental rates.

"With these favourable market conditions, there is no better place than Thorndon Quay to invest, which is a well-regarded investment destination, and popular with both investors and tenants."