A large, functional warehouse building on a valuable 1,027sqm site in Kaiwharawhara, just north of Wellington’s CBD, has been placed on the market for sale, offering opportunities for new owners to optimise the capability of the property and reposition it in the market.
The building served as the national distribution warehouse and office/administration premises for The Body Shop NZ for more than 20 years, and with that business changing hands late last year, the property is being sold with vacant possession.
The two-level saw-toothed roof building with a net lettable area of 2,054sqm was constructed in the 1920s for Levin & Co., a successful stock and station agency and import/export company largely dealing in wool.
It occupies the entire site between Kaiwharawhara Road at its front elevation and the Kaiwharawhara Stream at the rear, just off Hutt Road near Spotlight.
Start your property search
The property is on the Wellington City Council’s city heritage list and is lauded as a good representative example of an early-20th century wool-warehouse built in a functional, industrial style that contributes positively to the streetscape.
It is most notable for its south facade on School Road, with the two-storey brick elevation displaying traditional craftsmanship.
The building is also recorded as being historically significant for its association with the Levin family, and in particular, William Hort Levin, a distinguished Wellington merchant and philanthropist.
Zoned Business 1, which allows a range of uses including retail, commercial, light industrial and residential with a height limit of 15 metres, 11-13 Kaiwharawhara Road is being marketed for sale by tender closing 2 November through Grant Young and Fraser Press, Bayleys Wellington Commercial.
The iron-roofed property comprises a ground-floor warehouse with a stud height of approximately 4.5 metres, and within this space, there are two small mezzanines and basic amenities.
Above the warehousing, accessed via two stairwells or the certified goods lift, is a first-floor tenancy with a mix of character office and workroom areas, featuring timber floors, glazed partitions and an exposed ceiling profile with timber sarking.
In its lifetime, the property has seen significant upgrades and seismic work with a large amount of steel reinforcing visible on the ground and first floors.
The vendors have obtained an updated detailed Seismic Report from engineers Silvester Clark dated September 2022, which has identified a pathway to strengthening the building to 67 percent NBS.
Young says with the required strengthening work attended to, the property could potentially suit another owner-occupier, noting that it served The Body Shop well for several decades, or others looking to leverage off demand for residential accommodation.
“The current configuration of ground floor showroom/warehousing with character offices above could work well for an astute business owner who recognises the value of the location and the scope the property offers.
“With zero warehouse vacancy in the Kaiwharawhara area currently, an add-value investor could achieve a potential net income of around $260,000pa plus GST through similar refurbishment, or opt for creating character apartment living above showroom/retail premises.
“This site of more than 1,000sqm of north-facing land close to town, could also suit a developer looking to take on an apartment or townhouse project.”
Located five minutes from the CBD, and with easy access to State Highways 1 and 2, the area has seen increasing activity from retailers, and has effectively become an extension of Thorndon Quay.
High-profile businesses in the neighbourhood include Spotlight, Continental Cars BMW Wellington, Backhouse Interiors, Tile Warehouse, and CourierPost.
- Article supplied by Bayleys
