The unit at 33 Kaiwharawhara Rd could be a storage facility. Photo / Supplied
The unit at 33 Kaiwharawhara Rd could be a storage facility. Photo / Supplied
Brokers say a modest industrial unit for sale in Wellington may appeal to a downsizing homeowner, or a small business person looking to get onto the commercial property ladder.
Bayleys' James Higgie says the 96sq m unit at 33 Kaiwharawhara Rd (near its intersection with Hutt Rd) is on the market for the first time in 14 years.
It is part of the so-called "K Rd Complex", developed in the mid-1990s, and sits in Wellington City's useful Business 1 zone.
The freehold property will be auctioned at 11am on Thursday June 28.
Higgie says the roller door frontage signals potential beyond the office layout and usage of the property.
"If you removed the French doors behind the roller door, this unit could solve the dilemma that an apartment dweller or owner of a difficult-to-access home is faced with, namely, where to keep the boat or other recreational toys," says Higgie.
"The rise in apartment living, the geographical access constraints that many Wellington suburbs face and the notorious shortage of residential garaging in the city's suburbs means the storage of large items like boats, jet skis, trailers, kayaks and motorcycles can be a headache.
"It's entirely possible that a well-located property such as this compact industrial unit could have uses outside the scope that it was originally intended for."
An interior view of the 96sq m unit. Photo / Supplied
The capital value of the property is $280,000, a figure Higgie says interested bidders should consider as, "a starting point".
"Entry-level investors prepared to source a suitable tenant would be looking at an annual potential net income around of $20,000," he adds.
This location is home to many logistics and freight-based businesses. It's a quick getaway onto main traffic arterials from Kaiwharawhara which also adds weight to other possible uses for the property.
"With two car parks right at the door, it would be ideal for business owner-occupiers, add-value investors, those seeking a trade sales base, somewhere for a builder or tradesperson to store their tools, a boutique showroom, or a small office," says Higgie. "It's close to the CBD, and has the added advantage of offering easy access to the Hutt Valley and all points north."
The K Road complex is a mix of seven old and new adjoining buildings and caters for a wide range of uses including retail, showroom, office and warehouse units.
Higgie says units such as the one up for auction were developed as medium stud (around 3.2m) open plan warehouse units. "This one has basic facilities/amenities, mezzanine storage and lightweight internal partitioning to create office workspace, easily removed for reconfiguration."
