New building with Govt lease in Wainuiomata
A new commercial property in one of Wellington’s fastest-growing suburbs is expected to attract significant interest from investors who recognise the value of the long-term lease to a Government agency and the regeneration occurring in the broader area.
The freehold property at 5 Te Ara Raukura, Wainuiomata, next to the suburb’s recently-opened Countdown supermarket is part of a wider development undertaken by Woolworths NZ Ltd, Countdown’s parent company.
Further development is in the pipeline for the multi-million dollar supermarket-anchored precinct on the site of the former Wainuiomata Mall which had languished for many years prior to its acquisition by Woolworths.
The property for sale is fully leased to the Ministry of Social Development (MSD) and comprises purpose-built open-plan client-facing office space, multiple meeting rooms and staff amenities.
It has a floor area of 424sq m, occupies a 549sq m flat site and is at 100 per cent new building standard.
Ethan and Mark Hourigan of Bayleys Wellington Commercial and Peter Gorton, Bayleys Auckland Central, are marketing the property by tender closing 4pm, Wednesday 27 April.
“This bespoke low-maintenance new build has been designed to meet Government design specifications and it provides a superb commercial office environment for MSD, which had been operating from temporary premises while construction took place,” said Ethan Hourigan.
“Woolworths is committed to creating a community-focused precinct around its Countdown supermarket and the MSD-occupied building would be a strategic addition to any existing commercial investment portfolio or a step on the ladder for new investors to the sector.”
The building has good street appeal with the precast tilt panel structure having well-positioned high bay windows to the front elevation allowing plenty of natural light into the building. There is one onsite car park, with ample on-street car parking for clients.
MSD has a 12-year lease which commenced April 2021, with three sixyear rights of renewal.
The property returns an annual net passing income of $111,500, with the rent benchmarked to CPI every three years and a review to market at lease renewal.
Hourigan said as one of Wainuiomata’s newest commercial buildings, the MSD-occupied property stands out as a best-in-class passive investment. “This is a classic ‘park it in the bottom drawer’ offering.”