Property Report

**Macro market context:** Wellington's property market has shown resilience, with suburbs like Wadestown being desirable due to proximity to the CBD and harbor views. Wadestown's median values have been above Wellington's average, indicating strong demand. However, recent interest rate rises have softened price growth. For this property, the lack of sales data limits precise trend analysis, but the suburb's established character suggests long-term value retention. **Build era risk profile:** Without build year or construction details, assessing physical risk is challenging. If built mid-20th century, there may be maintenance needs like roofing or insulation updates. Weathertightness risk for Wellington's climate is generally medium to high for certain eras, but specific design and materials unknown. A building inspection is crucial to identify potential capex requirements. **Planning/intensification upside:** Under Wellington's District Plan, residential zones allow for varying density. Wadestown's topography may constrain intensification. The zoning will determine permissible activities; if zoned for residential, potential for additions or subdivision should be explored. Overlays like heritage or landscape protection could limit development. **Buyer personas:** This property may suit an owner-occupier seeking a home-office combination, given the 'Office' designation, or an investor looking for a mixed-use asset. First-home buyers might be deterred by potential compliance complexities. Downsizers could appreciate the lower-maintenance potential if it's a unit title. **Risk trade-offs:** Key risks include uncertain legal compliance, potential land instability, and unknown building condition. Mitigations include obtaining LIM, building inspection, and geotechnical assessment. The probability of major issues is unknown but could significantly impact value if present. **Financing and holding considerations:** Banks may require confirmation of residential use for standard lending. Council rates, insurance, and maintenance costs are estimated but could vary. Rental appraisal is speculative without dwelling specifics. Cash flow sensitivity to vacancy and interest rates warrants stress-testing. **Liquidity/resale scenarios:** Resale may be slower if the property's use is non-standard. Comparable sales in Wadestown indicate a premium market, but this property's unique attributes could affect liquidity. Hold period should allow for any needed compliance work to enhance value. **Base/upside/downside scenarios:** Base scenario assumes average market growth with no major defects. Upside involves discovering underutilized development potential. Downside risks include unconsented work or significant repairs, reducing value. Probabilities lean toward base given limited information.