Developers, investors and ambitious renovators with vision, take notice! Sitting on a generous 385m²^ site (more or less) on the doorstep of Wellington's CBD, this is an opportunity to secure a property with plenty of work to be done, but potentially plenty to gain. With a three-bedroom home in generally very dated condition, separate sleepout and an unusually spacious backyard for such a central location, the appeal here is less about what exists today and more about what could be achieved tomorrow.

• Land with possibilities: A 385m²^ section with a substantial rear yard offers a wonderful opportunity to investigate redevelopment, additional dwellings or a complete transformation of the site (subject to council requirements and necessary approvals)
  
• Room to explore: Gently sloping away from the home before levelling out, the generous backyard offers space to consider future options, while mature pear and peach trees add a touch of established charm
  
• Existing three-bedroom home: Approximately 104m²^, excluding the sleepout, with a separate lounge, separate kitchen, bathroom and additional WC
  
• Home office: small bonus office room overlooking the generous garden
  
• Bonus sleepout: A separate sleepout provides additional space and further possibilities for a variety of potential uses, from generous home office, bedroom, guest accommodation etc
  
• A serious project: The existing home is dated and likely to require significant repairs, presenting an enormous opportunity to reconfigure, renovate and add huge value. This is a proposition best suited to buyers with the experience, vision and appetite to take on such a project
  
• Flexible future: Investigate restoring the existing home as an investment, creating an inner-city residence, or exploring a more ambitious redevelopment of the site
  
• Outdoor space: A rustic courtyard off the kitchen leads to the expansive rear garden, offering a surprising amount of outdoor space this close to the city
  
• Location that delivers: Positioned on the fringe of Wellington's CBD, with supermarkets, schools, Newtown's shops and eateries, and city conveniences close by. Easy access to the southern and eastern coastal suburbs and Wellington Airport adds further appeal
  
• Off-street parking: A single front carpad (suitable only for a small vehicle)
  
• Heat pump
  
• RV $900,000^
  
• Rates $4,568.92pa^
  

For Sale by Tender - BEO $549,000:

• Closing 1pm, Thursday 19 November 2026
  
• At Lowe&Co Realty, 8 Kent Tce, Wellington
  
• The vendor will not consider offers prior to the tender deadline
  

For developers seeking their next project, investors looking for a long-term opportunity, or renovators ready to roll up their sleeves, 113 Wallace Street deserves serious consideration. The central location, substantial backyard and scope to investigate redevelopment create a compelling combination at this price point. Bring your builder, architect or planner, do your homework and explore the possibilities. Don't miss the Sunday open home or contact Adam to arrange a private viewing.



^Source of information: Property Guru, Nexus, Wellington City Council (non-verified).



Information displayed under Trade Me’s property details section may be sourced from third-party records and council data. Lowe & Co Realty and its agents do not guarantee or warrant its accuracy. Purchasers should verify all details independently and are advised to seek independent advice.