Commercial Print, which was established in Wellington in 1911, has been based in Miramar for the past 40 years and is looking to consolidate and update its printing facility.
Managing director Bruce Le Pine said the company was now in three separate buildings, and wanted to move out of two warehouse units across the road so that everything would be under one roof.
This would make the business easier to run and more efficient, and the extension, which would be climate-controlled, would enable the company to do more sophisticated printing work.
‘‘We’d like to completely transform the business, and the way we’re doing that is through the sale and leaseback.’’
Colliers International agent Charles Peterson said the company was planning to take a 12-year lease on the property once its new $1 million extension was completed. It would retain an option to extend that with a further two six-year terms.
With the extension, the property would be worth just over $3m. The company would be looking to lease it back on an initial rent of $250,000 a year, which would provide the investor who bought the property a solid return of over 8 per cent.
The Commercial Print site covers nearly a third of a hectare on the corner of Park Rd and Miramar North Rd. It is next to the California Garden Centre and just up the road from Sir Peter Jackson’s Park Rd post-film production base.
Mr Peterson said this part of Miramar had changed a lot in recent years, and was now the hub of ‘‘Wellywood’’, centred on Park Rd Post, Weta Workshop and Camperdown Studios.
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