Industrial site with development potential for sale
With the Wellington region squeezed for available bare industrial land and industrial vacancy rates at historically-low levels, a 1.53 hectare partially-developed site for sale in one of the region’s emerging hotspots is expected to resonate with addvalue investors.
For a period from the the 1950s, the freehold landholding at 41-49 Eastern Hutt Road in Wingate, Lower Hutt was home to the Hutt Valley milk treatment station and some of those original buildings remain centrally on the site today.
The property, which is being marketed for sale by tender, closing December 4, is leased to multiple tenants and the buildings are positioned in such a way that future redevelopment would be straightforward. Two national long term tenants anchor the investment property – CHEP Pallets NZ, part of Brambles Limited, the ASX-listed global supply chain Solutions Company, and Vertical Horizonz, workplace safety training providers.
The businesses have rights-ofrenewal out to 2021 and 2025, respectively.
There are four other industrial businesses with demolition clauses in their varying leases and all six tenancies combined, return an annual net income of $415,158pa plus GST.
The property has been held in private family ownership for the last 23 years, with original family members having previously run their own business from the site.
Christian Taylor and Richard Faisandier of Bayleys Wellington are expecting enquiry from within and outside of the region for this site given the buoyancy of the industrial sector across the country and constrained development opportunities in key locations.
“Wingate has perhaps been overlooked by investors and owneroccupiers as they’ve tended to be lured by the likes of Petone and Seaview which have romped ahead through phases of intensified development,” says Taylor.
“However, what Wingate offers is streamlined access to main aerials that doesn’t require navigating builtup areas to the same extent as other precincts around the region.
“From Wingate, it’s a quick route to State Highway 2 and the Haywards Interchange and the soon-to-becompleted Transmission Gully Road will also be readily accessible to further enhance travel times along State Highway 1.”
Taylor says Wingate’s inland position also offers a less-abrasive physical environment than Seaview and Petone which are closer to the coast, and according to Council maps, Wingate is out of Hutt City’s tsunami zone.
Notable occupiers in the vicinity include Harvey Norman’s distribution warehouse, Bostick, Carters Manufacturing, Seymour Distributors, Moore Wilsons and LG Anderson Transport.
Eastern Hutt Road is considered a main arterial through the Hutt Valley and the property’s high-profile corner level site has multiple access points.
“There’s a 205-metre road frontage along Eastern Hutt Road and 135-metres to Peterkin Street with five main vehicle access points along the eastern and western boundaries,” says Taylor.
“The newer buildings associated with CHEP Pallets and Vertical
Horizonz tenancies are positioned on opposite sides of the site and the older buildings are in the middle, with the current built footprint being just 3,825 square metres.
“That’s only around a quarter of the available land so clearly, there’s huge redevelopment opportunity intrinsic to the site,” says Taylor.
“Site coverage up to 100 percent could be possible, subject to some controls such as incorporating a compliance yard and off-street carparking.”
Zoning for the site is General Business.