Petone car yard hits market, office sets record price
A large piece of land in the middle of Petone’s car yard precinct is on the market.
Multiple offers were received when tenders closed last week for 24 Railway Ave, currently leased by Coventry Cars, although it was described as having scope for many uses.
The 1153-square-metre property has a rateable valuation (RV) of $1.66 million and generates rental income of about $150,000 a year plus GST. Facilities include a small building across the back that is currently used as a car display showroom and office.
Tim Julian of Colliers International said the building and yard could be split, enabling the site to be leased by two operators.
It was a ‘‘very tightly held location’’ and was unlikely to ever have problems finding a tenant, he said.
Meanwhile, there was spirited bidding for 10 Petone Ave, a small 410sqm office and warehouse property. The property sold for $930,000, well above its 2016 RV of $560,000.
The price was a record for the Petone industrial market, equating to $2268 per sqm and comfortably eclipsing the previous record of $1750/sqm.
Julian said it was one of the tidiest buildings of its type he had sold and was only three minutes’ walk from Petone’s Jackson St, so the result was no surprise.
He said demand for industrial properties was strong throughout the Hutt Valley at present, coupled with a lack of supply.