Warehouse and bare land in Petone
A double offering of a warehouse and adjacent vacant site in Petone’s sought-after commercial precinct presents potential buyers with multiple options for future development.
The property at 3 Sydney Street offers 455sqm (more or less) of warehouse, office and showroom space and the adjoining 4-6 Fitzherbert Street offers 621sqm (more or less) of rare vacant development land, along with excellent on-site parking available on both properties.
Appointed as sole agent by the Vendor, CBRE Wellington is marketing the two adjacent properties for sale as one by Deadline Private Treaty, closing Wednesday June 9, 2021, at 4pm.
Built in 1980, 3 Sydney Street’s warehouse and office building offers excellent working premises, with access from the Sydney Street frontage and to the rear yard fronting Fitzherbert Street, through high stud motorised roller doors.
There is good parking at the front of the office/showroom area, and excellent natural light to both the ground and first floor offices. The high stud warehouse has been extremely well-maintained and there are two offices on the ground floor and three excellent sized offices on the first floor, as well as storage and mezzanine.
Additionally, 4-6 Fitzherbert Street offers a vacant site of 621sqm (more or less).
CBRE broker Gary Hansen said, “A vacant development site is a rare commodity and is almost unheard of in the Petone commercial precinct and with commercial zoning offering a variety of uses, the options for future redevelopment are endless.”
Hansen, who specialises in industrial sales in the Petone region, said that dual property campaigns draw strong attention from investors looking to take advantage of the growth in the
region.
“These dual property campaigns with similar characteristics have shown to demand significant attention and attain rapid acquirement.
“Along with historic low vacancy rates and decreasing property
yields, industrial rents are showing strong growth within this region, pushing Petone as an increasingly attractive proposition for commercial property seekers.
Combined, 3 Sydney Street and 4-6 Fitzherbert Street, Petone, offer:
• Investors a full net lease, at market rent (with the opportunity to negotiate with the existing tenant, at the expiry of their present lease) or to refurbish and lease a property, in a sought-after location, experiencing historic low vacancy rates and rising rentals.
• Owner occupiers an attractive holding return and the option to occupy the warehouse/office premises in three years’ time, with the rear vacant yard, or the option to develop the premises further to suit a larger requirement.
• Developers a holding income, with the opportunity to develop either the vacant site or combine and redevelop the entire site.
These adjoining properties are zoned as Petone Commercial Area 2 under the Hutt City Council District Plan. This zoning offers a large variety of permitter activities, including full retail, residential, commercial activities, service and light industrial, with a height limit of 14 metres.