"Apartment living has taken off in Petone and at this end of Jackson St, the Pito-One, Aurora and Fireman's Arm's apartment complexes have bolstered the neighbourhood and provided retailers with a consolidated local resident audience quite literally on the doorstep," says Press.
"These mixed-use properties have further strengthened the commercial credentials of Petone which now covers the spectrum from big box retail to destination dining options and boutique owner-operated niche businesses.
"Mixed-use development – with commercial space at street level and residential components above – is a core model being rolled out nationwide in areas identified as being suited to higher density development and it's a blueprint that's hit the right note in Petone."
The Agoge Recruitment premises has a fresh and stylish industrial-vibe fit-out with exposed ceilings and polished concrete floors. There's been a recent trend for recruitment companies to be based in Petone as a convenient central location to service the various catchments.
The three units up for auction have a combined rateable value of $1.55m and earn net rent of $121,644 per annum plus GST, which the agents says is "on the conservative side" of market trends.
"It's hard to quantify the market sales value of this offering as there are numerous commercial variables that come into play," says Press.
"As a commercial precinct, Jackson St has almost 100 per cent occupancy with the only vacancies being in those buildings requiring seismic upgrades.
"This property has the added benefit of a high-profile corner location which in real estate investment terms, is always a drawcard.
"Ultimately, bidders on auction day will indicate where value lies and as far as a simple, 'bottom drawer' investment goes, they don't come much better than this in the broader Wellington market."
The three units will be auctioned as one lot at 11am on Thursday April 11 at Bayleys Wellington.
In 1991, the Jackson Street Programme was formed to promote the street as a heritage and shopping destination, and later, Hutt City Council recognised the importance of Jackson St by progressing streetscape works. This has enhanced the cafe and retail culture the street has developed.
The trend for ground floor commercial premises with accommodation above is not new for Jackson St, Petone. It's a proven model with many of the still-standing late-1800s' heritage properties having a retail store below with accommodation above.
