PHOTO: Oriental Parade, Wellington. FILE
Two dilapidated residences situated on Wellington’s most upscale property stretch have entered the market. These properties, part of a portfolio exceeding $10 million in value owned by Shazwal Investments, which went into voluntary liquidation in 2023, present a unique challenge for potential buyers.
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The first property, 304 Oriental Parade, occupies a substantial 809m² section and has remained vacant for over a decade. The second property is a partially demolished five-bedroom mansion featuring distinctive “cathedral windows.”
304 Oriental Parade (centre) has been empty for some time, and commands a huge slice of some of the most valuable land in the capital.
TOMMY’S / SUPPLIED
Considered a “significant holding,” 304 Oriental Parade demands a buyer with foresight and expertise, as stated by real estate agent Jason Lange of Tommy’s. Despite its rundown condition, no prospective buyers have discussed the possibility of demolition. Lange emphasizes that while significant work is needed, the property’s size, scale, and access challenges argue against tearing it down.
1/302 Oriental Parade, has million dollar views.
TOMMY’S / SUPPLIED
Potential buyers for these properties must be seasoned builders, renovators, or developers, as acknowledged by those who have examined the premises. The consensus is that there are no easy opportunities left on Oriental Parade, and tackling these projects requires individuals experienced in handling challenges. The unparalleled world-class view serves as a unique selling point, making the endeavor worthwhile.
Cathedral windows in the attic room of 302 Oriental Parade make the utmost of the stunning O’Bay views.
TOMMY’S / SUPPLIED
While 304 Oriental Parade is freehold, its neighboring property, 1/302 Oriental Parade, is a unit share. The lower flat is in good condition and currently owner-occupied, providing an option for potential buyers. The prospective payoff for well-executed renovations is substantial, with a renovated 302 or 304 expected to command a significant price, likely starting with a ‘4’.
304 Oriental Parade could offer someone with nerve and vision the whole property package.
TOMMY’S / SUPPLIED
Both Oriental Bay properties are available for tender until 2 pm on Wednesday, February 21, with no prior sales allowed. In addition to these, four other properties from the Shazwal portfolio have concurrently entered the market, drawing interest from developers, particularly the two in Brooklyn, Mitchell St, and two in the Hutt Valley.
There is a lot of work to do at 304 Oriental Parade. It has not been lived in for some time.
TOMMY’S / SUPPLIED
Shazwal Investments, with a property portfolio valued over $10.4 million, entered voluntary liquidation in 2023. Previous reports highlighted the poor condition of the Oriental Bay properties, with parts falling onto neighboring properties and concerns about damaged sections due to broken guttering. At that time, the properties were valued at $3.11 million and $2.16 million, according to Homes.co.nz.
It seems like work to rescue 1/302 Oriental Parade was stopped midway.TOMMY’S / SUPPLIED
1/302 Oriental Parade could have views of the bay from every floor.TOMMY’S / SUPPLIED
SOURCE: STUFF