'Decent chunk of land' has redevelopment potential

The site at 27 Wakefield St, Alicetown, Lower Hutt houses 2623sq m of buildings over two levels. Photo / Supplied

A big Crown-owned industrial property in the Lower Hutt suburb of Alicetown has been placed on the open market for sale, having cleared Public Works Act 1981 obligations.

The vacant property at 27 Wakefield St, Alicetown was home to training provider WelTec's motorcycle and automotive training facility until that function was relocated to its Petone campus several years ago.

The 2698sq m site houses 2623sq m of buildings over two levels; with almost 60m of frontage to Wakefield St which intersects with Hutt Rd and runs parallel to the Wairarapa railway line. The property also has a secondary rear vehicle access from Rush Grove.

"The buildings were constructed in the late-1930s, with additions made in the 1950s," says James Higgie of Bayleys Wellington who, with colleague Richard Faisandier of Bayleys Wellington, is marketing the property for sale by tender closing at 4pm, Wednesday May 15.

"This is a decent chunk of land with redevelopment potential for either an investor or developer or a forward-thinking owner-occupier prepared to refurbish or start over," says Faisandier.

The rateable value of the freehold land and buildings is $1.6m with the value of the land alone estimated at $1.19m.

Higgie says the buildings comprise a series of interconnected low-stud workshops, warehouse space, a portion of higher stud warehousing, some mezzanine storage, first floor office space and amenities, 809sq m of ground floor offices and amenities and a small yard area.

"A General Business zoning allows for industrial and non-industrial uses with the property having had an established tertiary education use for many years," he says.

"Prior to WelTec's ownership from the late 1980s, we understand the property housed an electrical company's trade operation. The immediate area supports other trade-based businesses along with a neighbouring training provider – G&H Training – also offering automotive courses.

"There are not many sites of this size in the Alicetown/Petone area and given the ease of access to State Highway 2 via the nearby Dowse interchange, the best and highest use for the property is arguably yet to be fully explored."

Bayleys Research found that in 2018, the vacancy rate for industrial property in the Petone and Seaview areas was below 3 per cent. Further pressure on these centrally-located industrial areas is expected to continue due to the popularity of bulk retail conversion and the reclamation of some Lower Hutt industrial land for the Greater Wellington Regional Council's Hutt River Floodplain Management project.

"In light of this tightening industrial market, this Wakefield St property is laden with opportunity and potential," says Higgie.