Group are the other two tenants.
The three tenants provide current total net rent of $145,585 per annum with an assessed potential net rental income of around $205,000.
"In its current guise, the property is a fully-leased two-level office and warehouse building
with 1498sq m of useable floor area, 22 car parks and a small rear fenced yard," Gibbs says.
"The three leases in place are all medium-term leases with rights of renewal beyond."
"There's clear add-value rental upside to this property as restructured leases would offer a
new owner an enhanced revenue stream," says Gibbs.
"Alternatively, an owner-occupier could transition into the building and sit tight as high
demand in the vicinity adds weight to the location and potential of this property."
Gibbs says the Te Puni St property has intrinsic value given the stellar growth underway at the western end of Petone arising from Council zoning changes which support bulk retail business.
"It's certainly starting to look quite different at this end of Petone as it shrugs off its industrial past. All the big names in bulk retail are scrambling to secure a presence here," says Gibbs.
The property at 10 Te Puni Street is around 200m away from the large Carters' building
supplies site which a company associated with former All Black Christian Cullen sold for $8.4m early last month. Nearby is the new Briscoes store and Rebel Sport, while Kmart has just opened down the road.
"It's not the prettiest building around, but it's a solid, modest representation of its 1980s' era
and importantly, has been assessed at 70 per cent of new building standard - a good threshold," says Gibbs.
