Weta HQ on the block
The home of Weta Workshop is among the famous tenants within two commercial/industrial properties in Park Road, Miramar, the home of New Zealand’s film industry, which have been placed on the market for sale.
The properties at 129 Park Rd and 138 Park Road will suit buyers looking for well-located assets with solid underlying credentials in the eastern suburbs.
Commercial and industrial assets in this precinct are hotly contested and have seen significant capital gains year-on-year as Miramar has morphed from an industrial hub to a more cosmopolitan precinct.
The only bespoke purposebuilt commercial office asset in Miramar, at 129 Park Road, is being marketed by Baha Mabruk and Luke Kershaw of Bayleys Wellington Commercial and will be sold by tender closing 4pm, December 2.
Built in 2013, the freehold fourlevel building offers premium office accommodation and is fully tenanted, returning a net income of $493,917 plus GST per annum from nine tenancies with businesses including environmental monitoring service Wilderlab, film industry luminaries Weta Digital and Weta Workshop, the Lost Cosmonauts animation studio and the building surveying company, Helfen.
Zoned industrial/Business 1 and on a 484sqm site, the building’s main lobby access is off Park Road with 1631sqm of lettable space.
The property was built to the current New Zealand Building Code requirements and has reinforced concrete foundations, full steel frame and HiBond composite steel flooring.
Also, for sale separately is 138 Park Road, a freehold warehouse/ workshop property that will be sold with vacant possession by auction on December 3.
Also zoned industrial/Business it has been occupied by a specialist transmission company and, in the past, a candle factory.
The site is 566sqm and the twobay warehouse/workshop with high steel sliding doors at the front of the building, offers 334sqm of space including an office to the front of the property, a mezzanine and five car parks. It has an assessed potential annual net income of $75,000 plus GST.