Kelburn, Western Suburbs

35248342

This is what a proper Wellington investment looks like.

Positioned in the heart of Wellington, this established multi-unit property delivers immediate, reliable income with long-term upside in one of the city’s most consistently in-demand rental locations.

Returning $131,040 per annum across four flats, the property is fully let with a strong occupancy history – providing cashflow from day one.

Built in the 1890s, the scale and layout work in your favour: generous room sizes, high stud ceilings, and multiple balconies that enhance tenant appeal and support ongoing demand. Elevated for sun and outlook, with views across the city and toward Oriental Bay, this is a location tenants actively seek out.

Set on 504sqm with a total floor area of approximately 340sqm, there is clear potential to optimise returns over time. Whether through rental growth, refurbishment, or longer-term development considerations, this is an asset that offers more than just a holding yield.

Held in the same family for over 75 years, it’s a proven performer – and opportunities like this are increasingly hard to replace.
Key Features:

• $131,040 per annum gross income
• Four flats – diversified income stream
• Fully tenanted with established history
• 340sqm* total floor area
• 504sqm* landholding
• High-demand inner-city location
• Character construction with strong tenant appeal
• Add-value and future upside potential
• Also available: neighbouring properties – secure one, two, or all three

A rare chance to secure scale, income, and position in one move.

Tender closes 2pm Wednesday 10th June 2026 at Tommy’s Real Estate Limited, 209 Victoria Street, Te Aro, Wellington. (Vendor reserves the right to sell prior)