Petone’s $2.35m site sets property record
A2,959sqm site in Petone is believed to have set a new record price for industrial land in Wellington. The workshops and office at 29 Udy St sold to Newfield Investments for $2.35 million, or $794 per square metre.
The buyer plans to demolish the existing builders to develop the site for their own use
JLL agent John Persico said the site draw a high level of interest from more than 20 potential buyers, which indicated the scarcity of industrial land in Petone.
‘‘Many industrial properties have been transformed into bulk retail, meaning that industrial vacancy has remained low.’’
Persico said the Petone-Grenada Link Road, a four-lane route between Petone and Tawa scheduled for completion in 2023, would also boost Petone’s profile.
‘‘With more cafe´s, retail, and supermarkets moving into the area, it is clear Petone’s identity is evolving from an industrial centre to a retail hub.’’ *** A famous hotel brand will take over Christchurch’s Chateau on the Park Hotel opposite Hagley Park.
The 192-room hotel on Deans Avenue, now bears the DoubleTree by Hilton brand.
Hilton, which has four other hotels in Auckland, Taupo and Queenstown, it thought to have been attracted to Christchurch’s strong tourism and business travel market.
The chateau has been extensively refurbished and a second phase is due to be completed mid-1017. *** Tony Sewell has been appointed a director of listed property fund NPT.
Sewell has been taking on directorships and starting his own consultancy since retiring as chief executive of Ngai Tahu Property after a 20-year tenure.
He is also president of the Canterbury Employers Chamber of Commerce among other roles. *** Finance Minister Bill English and Building and Housing Minister Nick Smith will be special guests at a new construction industry forum held in Christchurch next week.
Constructive is being led by the Registered Master Builders Association to devise new strategies for addressing the enormous looming building boom ahead.
The forum will be held from September 21 to 23, largely at Wigram Air Base. *** A new
Petone’s identity is evolving from an industrial centre to a retail hub. JLL agent, John Persico.
seven-townhouse development on expected to plans.
Dean Anderson of Colliers International said a severe shortage of homes on the market in Raumati Beach would likely aid the sale of the sell Kapiti coast is quickly off the the seven luxury ‘‘hotel-style’’ homes next to Raumati Sands Resort.
The area was also expected to benefit from the $630 million Mackays to PekaPeka Expressway project.