New buyers: the joy of the suburbs in the heart of the city

Abel Smith St 140, a mid-century monolith in the heart of Te Aro, is one of Wellington’s most recognizable high-rise blocks of flats.

Now, for the first time in 30 years, this two-bedroom, fourth-floor flat in the iconic building is waiting for someone with a little mid-century flair to give it a new lease of life. In return, you get views over Te Aro, within walking distance of the entire city, and a foot up the Wellington property ladder.

“It really is the perfect city trail for someone looking to get into a real estate market,” says Lowe & Co director Craig Lowe.

“It comes with off-street parking, which is rare in that price range and in that area. Plus, Aro Valley, Cuba St, the CBD are all on your doorstep.”

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Built in the 1960s, the flat is rich in classic mid-century features such as built-in storage, open plan living-dining-kitchen and “industrial” style security glass doors from the entrance hall to the living room.

It also has all-round views, from the city and Mount Victoria over Te Aro to Brooklyn and Kelburn.

There are two bedrooms, one double and one single, each of which has built-in storage space and desks/dressing tables, with the master getting all the morning sun.

The good bones are there, but it could use a refresh. Reconfiguring the kitchen would make the most of the view, and more historic tiles would give the space a bit of an edge.

The bathroom could also use a facelift, but for the price—buyer’s application over $540,000—a cosmetic renovation is feasible and will likely add significant value to a home in this location.

In terms of safety, the building is at 60% of the New Construction Standard, which you can do read more about it here. An earthquake-prone or high-risk building is considered to be just under 37%.

Lowe says it represents “good value for money for a mid-century”.

“It’s a great opportunity for someone who loves that period, because it’s so original, to tap into that and do something really nice inside.

“You get all the benefits of being in the suburbs while still being in the city, as it’s quiet, quieter than the Lambton or Courtney area. You have residential houses around you so it’s as quiet as suburban but you can see the cityscape, you can walk to Cuba Street. It’s the best of both worlds.”

The current owner now lives abroad and is selling the property for the first time in 30 years.

Homes.co.nz estimates the 60 sq. ft. home is worth about $640,000. The September 2021 RV will cost $660,000. That’s still about $40,000 below the average for the capital’s area, which homes.co.nz estimates at about $700,000.

The list is with Ashley Abels and Craig Lowe for Lowe and Co.