Another nine properties up for sale
ANOTHER nine properties that were developed and owned by Lower Hutt businessman Tony Molenaar have been put up for sale by bank appointed receivers.
The sale is being handled by Bayleys Wellington on instruction from David Ruscoe and Richard Simpson of Grant Thornton.
Bayleys managing director Mark Hourigan said the portfolio was a well-balanced mix of commercial, industrial and retail properties in the Wellington CBD, Lower Hutt and Kapiti.
There was potential for investors looking to add value with new tenants and leases or for owneroccupiers.
The properties are: An office hub on 4047 square metres of land at 5 Bouverie Street, Petone, with 24 tenancies over two buildings, 57 car parks and seven storage units returning a net annual rent of $395,200 per annum with a potential net rental of $470,300 per year. Buildings with a total floor area of 12,174sqm on 1.3221ha at 22-32 Nevis St, Petone. Previously known as the Colgate building, the property now provides office accommodation, childcare, and a large storage facility along with an area of vacant land. The property currently returns a net annual rental of $683,879 with an assessed potential net rental of $873,963 per annum. A two-level office and retail building on a 1178sqm corner site at 66-70 Bloomfield Tce, Lower Hutt. Currently returning $87,880 per year, the property has a potential net rental of $220,463. A refurbished two-level office building on the southern fringe of Lower Hutt’s CBD at 4 Market Gr. Net rental is currently $42,814 per year with a potential net rental of $79,275. A single level concrete office building with onsite car parking at 6 Market Gr, Lower Hutt with a current net rental of $16,265 per year and a potential net income of $33,397. A 528sqm two-level multitenanted office building in Ward St, Lower Hutt, on 307 sqm adjoining the property at 4 Market St. A 72sqm unit title penthouse office floor on The Terrace in Wel- lington’s CBD to be sold with vacant possession and a potential net rental of $20,118 per year. A storage complex leased to Storage One with 85 units of varying sizes on a corner site in Sheffield St, Paraparaumu. The current net rental is $53,717 per year. A modern six-unit industrial complex in Northpoint St, Plimmerton, returning a net rental of $49,164 per year and a potential net rental of $135,708. As a complete portfolio, the total current net income is $1,373,681 and the total potential net income when vacancies are fully leased up is $1,951,818, said Hourigan.
He was reluctant to indicate what the properties might sell for and said rating values were not a good guide.
As it was a receivership sale there was a requirement for the properties to be sold and it was hard to assess the level of interest as they had only just been advertised. Tenders close on November 27. CBRE is also advertising a large block of vacant land at 15 Heriot Dr, Porirua, which is being sold by tender closing November 14.
Agent John McKenzie said the 9564sqm lot, which has a rating value of $1.825m, was one of the last development sites in the city and was between the bulk retail and industrial areas.
It was part of a larger piece
of land purchased 2007 for $2.9m.
Five other Molenaar properties have been listed for sale in recent weeks and at least two have now sold.
The EMC2 office block in Willeston St was sold to Franklin Property Holdings for $6 million and a retail and office block at 29 Waterloo Rd has sold for an undisclosed sum.
Twelve companies controlled by Molenaar were liquidated earlier this year on the petition of Inland Revenue, claiming it was owed about $2.7m.
Other secured creditors include BNZ, ANZ Bank, Westpac and Monument Finance.
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