Potential in Newtown property
UNION HARDWARE’S Newtown premises for the past 30 years is up for auction later this month.
Company owner Graham Robertson said it was moving out of the premises into its warehouse and factory building on the other side of Riddiford St, but was ultimately looking to move into other premises, possibly in Lower Hutt.
He said the hardware store had changed a lot and was now a major supplier of automotive paints and marine coatings. The present arrangement was inefficient and he was now looking for new premises to cope with the growth in the business and which met requirements for storing hazardous goods.
The old premises on the corner of Riddiford and Gordon streets, owned by Barrie Benseman of Masterton, is now up for sale with vacant possession from July.
Bayleys agent Colin Hodge said it was at the southern end of the Newtown commercial precinct.
It had high exposure to Riddiford St and there was an opportunity to maximise the property’s potential.
The current gross annual income on the property is $69,187.
‘‘The delayed date of vacating gives a new owner the benefit of sev- eral months of holding income while new plans and directions for the property are consolidated,’’ said Hodge.
He said the rateable value of $730,000 was probably on the high side in the current market.
The concrete and steel framed two-level building sits on a 349 square metre site and has a gross floor area of 459sq m.
There is retail, storage and amenity space on the ground floor and offices upstairs and it would be ideal for continued retail trade on the ground floor. Upstairs could be converted to accommodation.
‘‘A new high-intensive residential development has recently been completed nearby and there is good demand for residential rental accommodation in this area.’’