District council Levin properties for sale
After a review of some of its non-core property assets, Horowhenua District Council is selling two Levin properties in separate tender processes closing later this month.
The first is a fully-leased commercial property in the town centre and the other, a large area of industrialzoned land spread across three titles on Levin’s fringe.
Fraser Press and James Higgie of Bayleys Wellington are marketing the strategically-located commercial property at 18-24 Durham St, and the large parcel of industrial land at 15 and 20 Roe St and 72 Cambridge South St, with colleague Steven Firth.
Tenders close with Bayleys Wellington at 4pm on Wednesday June 26 for the commercial property in Durham St and the industrial land.
Constructed circa 1989, the Durham St property is a two-level concrete office building strengthened to 80 per cent of new building standard (NBS) in 2013/14 with a high standard of interior fit-out and 45 on-site car parks. It occupies a 3822sq m corner site on the southwestern side of the Levin town centre just off State Highway 1 and adjacent to a New World supermarket.
The Ministry of Social Development occupies the bulk of the ground floor as a long-standing tenant since the late 1980s.
Its 1082sq m tenancy is mostly open-plan office space with meeting rooms and a good range of amenities.
The balance of the ground floor and the entire first floor, which includes an outdoor deck, has been leased to Contact Energy as a national call centre since 2008. It has a large staffroom, boardroom, open plan and perimeter offices, bathroom amenities, and reception area.
Higgie says the Durham St property has a rateable value of $4,150,000 and generates net total annual income of $351,495 plus GST; with both leases having rights of renewal. “The property has served both tenants very well and it has proved to be fit-for-purpose for their business operations in a location that is accessible and visible,” he says. “The council has deemed the building a noncore property asset.”
To the southeast is a 13.88ha green field site held in three titles, comprising two large parcels on Cambridge South St and a smaller one on Roe St.
Press says the sites can be bought as an entire block or as individual titles. He says “forward thinking” owner-occupiers and developers will see the potential of the sites for sale.
Purchased together, the two larger parcels of land could have dual access off Cambridge South St and Roe St, while the smaller lot at 15 Roe St is a perfect size for small to medium industrial business occupiers.