39 Boulcott Street presents an opportunity to acquire a well-established Wellington CBD car park investment underpinned by diversified residential income. 

The property comprises a substantial covered car parking facility together with six fully leased residential apartments, generating a net income of $523,068 + GST per annum. The car park is secured by a new five-year lease to Mainland Parking commencing 1 September 2026 and provides investors with immediate income and built-in rental growth.

The property comprises an 867 m² freehold site improved by an eleven-level split-level reinforced concrete building accommodating 137 covered car parks and six residential apartments. Of the 137 car parks, 132 are leased to Mainland Parking while a further five parks service the residential component.

Significant capital investment has recently been completed, including refurbishment of the residential apartments, security upgrades throughout the building and improvements to the car park operation. The apartments are fully leased, while the new Mainland Parking lease provides a stable commercial income stream with fixed annual rental increases of 3%.

Located at the southern end of Wellington's CBD, the property benefits from excellent access to both the central city and State Highway 1. The location is well suited to commuter and city-based parking demand, while the residential component provides income diversification from a tightly held apartment market. 

For more information or to arrange an inspection contact:

Richard Findlay on 021 620 188 or richard.findlay@colliers.com
Matt Sisson on 021 468 842 or matt.sisson@colliers.com

*Please note all areas and values are approximates only. 

Features:

• Central CBD position in Wellington’s core commercial zone
• Dual income streams from car parking and residential tenancies
• 137 covered car parks in a high-demand area
• Six residential apartments with six-bedroom, three-bedroom and two-bedroom configurations
• Close proximity to State Highway 1 on/off ramps
• Surrounded by offices, cafés, restaurants, gyms, and boutique shops

More information: https://www.colliers.co.nz/p-NZL67041739