Petone retail units for sale
Three Petone retail units — configured and leased out as two business tenancies — will be auctioned as a single lot, allowing the original developer to sell his remaining interest in the property.
Occupying the complete ground floor of the Pito-One Apartments complex, at 374-376 Jackson St, agents say the unit-titled retail premises would suit a buyer looking for a solid passive investment.
The three units — located at the corner of Jackson St and Cuba St — will be auctioned as one lot, at 11am on April 11.
Holding five and six-year leases respectively, tenants are the Wellington branch of national recruitment agency, Agoge, and a branch of national pet suppliers, Animates NZ Ltd.
The Pito-One complex is zoned Petone Commercial 1 and is at 100 per cent New Building Standard; total combined retail area of the units is 542sq m, plus six car parks.
Fraser Press and Paul Cudby, of Bayleys Wellington, say the northern end of boutique heritage-flavoured Jackson St has gone ahead in leaps and bounds over recent years.
“Apartment living has taken off in Petone and Pito-One, Aurora and Fireman’s Arm’s apartment complexes have brought a massive population influx to this area,” says Press.
“These mixed-use properties strengthen Petone’s commercial profile, which spans big box retail, destination dining options and boutique owner-operated niche businesses.
“Mixed-use development – with commercial space at street level and residential components above — is being rolled out nationwide, and it's a blueprint that suits Petone.”
The Agoge Recruitment premises has a fresh and stylish industrial-vibe fit-out with exposed ceilings, and polished concrete floors.
The three units for sale have a combined rateable value of $1,550,000, and they return a combined annual rent of $121,644pa + GST, which agents describe as on the conservative side.
“As a commercial precinct, Jackson St has almost 100 per cent occupancy with the only vacancies being in those buildings requiring seismic upgrades,” says Press. “This property has the benefit of a high-profile corner location, which in real estate investment terms, is always a drawcard.”