142 Riddiford Street Newtown, Wellington City

In the heart of the Riddiford St shopping & hospitality cluster. An opportunity to purchase in this tightly held commercial zone as this property is on the market for the first time in 25 years,

The vendor wants it sold for genuine personal reasons and is prepared to sell at a serious discount on the latest Quotable Value rating valuation of $1.247 million. Now asking $650,000 including GST (if any).

This 100 year old brick building on Newtown's main shopping street has a 30m2 retail space leased to the iconic French Cancan Cafe https://www.frenchcancan.nz/

The apartment above the shop is accessed from a doorway on Riddiford Street. It has two bedrooms, shower/toilet, kitchen and a separate living/dining room. Until recently this has been leased for around $500 per week but is currently vacant. There is a possibility to create a second flat quite cheaply as there is another kitchen and living space on the ground floor with a sleepout/storage area and courtyard.

As the building is old and a maximum of 35% of the NBS seismic code, a new owner might choose to rebuild in this historic shopping zone. A property information report (PIR) is available by request.

Inspection is by appointment only. Please email or call David Bradford to arrange a suitable time.