The property at 132 Whakatiki Street, Upper Hutt, backs onto State Highway 2. Photo / Supplied
The property at 132 Whakatiki Street, Upper Hutt, backs onto State Highway 2. Photo / Supplied
A high-profile and high-stud industrial property in a prime location is for sale in Upper Hutt, Wellington, with its large yard backing onto State Highway 2.
"This opportunity is expected to appeal to the owner occupier market," says Vince Southee of Colliers International who, with colleague Tim Julian, is marketing 132 Whakatiki St by deadline private treaty closing on April 19, it sells before the deadline by negotiation.
"This is a great chance for an owner occupier to purchase a functional and well-located industrial building, in a market where there is low vacancy and high buyer demand," Southee says.
"With the affordable borrowing rates that are still on offer, we are seeing many businesses opting to own their own premises and secure their future property requirements."
Julian says the property is offered for sale with vacant possession but the building recycling business which occupies the property is also available for sale.
"The current occupier, Ironman Building Recyclers, is offering the business and stock for sale along with the property. This opens up an opportunity for a business buyer to acquire a well-located property as well as a well-established local recycling operator."
The 1150sq m building has three clear-span bays, four roller doors, offices and amenities. Each bay could be partitioned to create separate tenancies if desired.
A large yard of about 2230sq m provides ample space for storage, parking and vehicle manoeuvring.
Southee says the building sits on a 3383sq m freehold site with direct access to State Highway 2 and visual exposure to over 20,000 vehicles passing every day.
"This is a prime position with immediate access to a main regional transport route. For businesses and investors looking to secure assets in a tightening market, this property offers a great package including location, size and adaptability to a variety of uses."
The property is zoned Business Industrial under the Upper Hutt District Plan which permits warehousing and manufacturing, trades workshops and some retail uses, with a maximum building height of 12m.
Julian says the chance to buy industrial property at a time when Wellington's industrial vacancy rates are the lowest in 30 years is also expected to appeal to the market.
Colliers' latest research showed Wellington industrial vacancy has dropped to a record low of 2.9 per cent.
"This is the lowest vacancy rate in the industrial market for a generation, and is resulting in strong rental and value growth. In a relatively small industrial market like Wellington, a vacancy rate of less than three per cent means that many tenants will have no options in the size and configuration they require," says Julian.
"It's often a different story in larger centres such as Auckland, Sydney, Melbourne, Brisbane and even Christchurch, where a three per cent vacancy rate means there will still be a reasonable range of options for tenants and owner occupiers, due to the bigger scale of the market."
Industrial property in Wellington has been taken up quickly over the past few years, to the extent that there are now very few options available for businesses looking to move, says Southee. "This is due to stronger tenant demand and practically no new supply, along with a reduction in the number of industrial buildings in the market."
The popular industrial precinct in which 132 Whakatiki Street is located, is also home to MSD Animal Health (formerly Schering Plough), Allied Engineering, Peryer Construction, Runciman Buses, Farrah's Wraps and Hyundai.
The area is located close to Upper Hutt CBD, 15 minutes' drive from Lower Hutt and 25 minutes to Wellington CBD and CentrePort.
