Double investment opportunity in booming Petone
Two adjoining properties, each with vacant possession, in the heart of Petone’s commercial precinct, offer flexible options for investors.
These two properties at 6 Gear Street and 3-7 Petone Avenue, Petone, Lower Hutt are being marketed for sale (either individually or as one) by Deadline Private Treaty closing Wednesday April 14, 2021, at 4pm (unless sold prior) through CBRE Wellington.
Gary Hansen, negotiator of CBRE Wellington said, “This is a positive acquisition opportunity in the heart of Petone’s commercial precinct and the location and zoning of these commercial assets make this an extremely attractive offering.”
The standalone showroom/ office property at 6 Gear Street, built in 1994, has 317sqm of airconditioned showroom on the ground floor accessed through auto opening doors, and 350sqm of glasspartitioned office premises on the first floor. There are four on-site car parks, in front of the showroom.
“Its full height glass fac¸ ade over both floors gives a very modern, attractive appearance and excellent high profile,” said Hansen.
The building at 3-7 Petone Avenue consists of a warehouse/ office accommodation of 720sqm on the ground floor with a stud height of 5m, and a mezzanine of 238sqm.
“The building, constructed in 1967, is well maintained and has excellent natural light.”
There is a wide 34m frontage to
Petone Avenue and at the rear of the warehouse is an adjoining door for access to the showroom and office accommodation within the neighbouring property at 6 Gear Street.
A canopy over the parking and dock way area provides covered access to the warehouse through three high-stud motorised roller
doors and parking for up to eight cars.
“These properties sit just metres away from Petone’s main street and are just minutes from all new major retail within the Petone commercial precinct and access to State Highway 2 and all other major arterial routes are at the end of nearby Hutt Road.”
Hansen said that neither of the properties are on the Hutt City Council earthquake prone list, however the owners have had an engineer’s report completed on both buildings, and have commissioned plans, engineers’ calculations, consent plans, and QS costings completed to improve the properties’ present NBS percentages
to 100 per cent and 70 per cent.
Their zoning as ‘Petone Commercial Area 2’ under the Hutt City Council District Plan, offers a variety of permitted activities, including full retail, residential, commercial activities, service and light industrial.
Petone has growth experienced sustained over the past 15
years and is now one of the premium bulk retail and dining precincts in the Wellington region. It has undergone a significant transformation with the development of numerous brand-new apartment buildings, which have led to renewed vibrancy of the suburb.
“Given the high profile, dual
street frontages and growth location, one may want to make the most of the opportunity of future redevelopment of the site with a height limit of 14 metres,” said Hansen.
“The vacant possession offers flexible options as to what the future holds for these two properties.”