A strategically located industrial property along Wellington’s high-growth western corridor is drawing significant interest from investors, add-value developers and owner-occupiers seeking a blend of both immediate income and future development potential, Bayleys salespeople say.
The 1.02ha freehold landholding at 7A Kapuni Grove occupies a sizeable platform overlooking Kenepuru Drive and the Porirua Basin and has been home to the vendor for more than a decade.
Bayleys Wellington salesperson Simon Butler says the property is now surplus to the vendor’s requirements.
However, a holding lease-back is in place to allow time to wind down operations.
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“The vendor and current tenant, Rapid Civil, occupies the premises with a lease generating a net income of $383,830 pa plus GST.
"They are offering a holding lease back for up to three years from settlement - allowing a new purchaser to collect immediate income while plans are implemented to develop or occupy the property themselves.”
Butler says the property is particularly appealing due to its prominent position along Wellington’s western corridor, which is experiencing rapid growth following the completion of the Transmission Gully motorway.
“This is a rare opportunity for owner-occupiers looking for a strategic land holding with future upside, or forward-thinking investors and developers after high-quality industrial land in a prime location. Quality development or occupation offerings of this scale are seldom found in this area.”
Butler is marketing the property for sale by tender with Bayleys colleague Fraser Press, closing at 4:00 pm on Wednesday, 21st August 2024 (unless sold prior).
The property encompasses approximately 9,200sqm of lettable industrial area, featuring a 450sqm (more or less) high-stud workshop in good condition and a 150sqm (more or less) office and amenity block.
Bayleys salesperson Fraser Press says the site is largely level and has excellent geotechnical conditions, making it suitable for various development opportunities.
“With level access onto Kapuni Grove and an elevated outlook over the Porirua Basin, the property offers both functionality and strategic appeal.
“Kenepuru is a highly sought-after area with a mix of commercial, retail, and industrial elements.
"The completion of Transmission Gully has significantly enhanced regional access, making this location even more attractive to businesses and investors,” he says.
The property’s proximity to key amenities, including Porirua CBD, North City Shopping Centre, and various hospitality operations, further enhances its appeal.
Additionally, it offers easy access to major transportation routes, being just two minutes away from the Transmission Gully on-ramp and a 20-minute drive to Wellington.
“Purchasers keyed into regional development and an improving economic picture will appreciate the site’s development potential and the flexibility offered by its industrial zoning,” says Press.
“Whether looking to occupy, develop - or hold for a mixture of both, this property provides a unique opportunity to capitalise on the growth trajectory of Wellington’s western corridor. As the region continues to grow and develop, high-quality industrial land like this will become increasingly scarce.
“We expect a high level of enquiry for the subject property, given its prime opportunity to invest in an asset class in short supply, generating immediate income, with substantial future upside.”
- Supplied by Bayleys
