A prominent commercial property with three diverse national and international tenants, and potential to add two more, is up for sale in a prime central Wellington location.

The three-storey building offers exceptional profile and connectivity on arterial Adelaide Road, in the heart of Mount Cook. It is home to electronics retailer Jaycar, audiovisual and creative tech supplier Rubber Monkey and Wellington’s award-winning Foster + Melville Architects.

The three leases generate a combined net rental return of $225,436 plus outgoings and GST per annum. New owners will have the potential to add significant further income by filling two vacant office tenancies.

Jaycar occupies its ground-floor premises of some 542 square metres on a current lease that runs through to 2027 with a further four-year right of renewal.

The electronics retailer has more than 130 stores across Australia and New Zealand and almost 1,000 staff. Jaycar’s Adelaide Road outlet stocks tech products for home and auto, including batteries, plugs, cords, chargers and testing equipment, plus CCTV and security essentials.

Rubber Monkey markets itself as Australasia's premier online destination for professional video, audio, photographic and creative technology products, serving Australia and New Zealand with over 50,000 products. The current lease over its approximately 1,095-square-metre branch on the first floor of the Adelaide Road property runs through to 2027, with a further two-year right of renewal.

Award-winning Foster + Melville Architects occupy some 205 square metres on level two, on a lease that runs to 2026 with a further three-year right of renewal. Established in 2011, Foster + Melville boasts nationwide projects spanning residential and commercial property, seismic strengthening, heritage and education.

The second floor is also home to two office suites, of 75 and 50 square metres respectively, which are currently vacant.

The freehold land and buildings at 76-80 Adelaide Road, Mount Cook, Wellington, are being marketed for sale by Ethan Hourigan and Sarah Lyford of Bayleys Wellington Commercial.

The site will be sold by way of a tender closing on Wednesday, 24 September.

“This property’s attractive blend of solid diversified income, excellent accessibility and a strong leasing history to high-calibre tenants – plus the potential to add value by filling vacant tenancies and improving the income to be more in line with the market – makes it an outstanding add value investment opportunity,” Hourigan said.

The approximately 1,855 square metres of buildings encompass a two-storey warehouse-type structure and a three-level office building with a plant room pop-up at its western side.

The property offers eight covered off-street car parks and drive-through dual street access, via Adelaide Road and from King Street, where it is also accessible via dual roller doors.

The building is underpinned by some 1,117 square metres of freehold land, which is zoned City Centre under Wellington’s district plan.

Lyford said the attractive location on the southern inner-city fringe is a key selling point.

“Prominently positioned on Adelaide Road, one of Wellington’s busiest arterials linking the city centre with the southern suburbs, this address is high-profile and well-connected.

“It sits in the heart of a wide residential catchment encompassing Mount Cook, Newtown, Berhampore, Te Aro and Mount Victoria, and is within a comfortable walk of the city centre.

“The property, and its diverse business tenants, benefit from high vehicle traffic exposure, proximity to Wellington Hospital, the Basin Reserve, key transport routes and numerous frequent bus services along Adelaide Road,” Lyford said.