An industrial property in Seaview has been presented to the market by its owner occupier, Hale Manufacturing, which is consolidating its property requirements.
The 4049m² property at 71 Port Rd, in the popular Seaview/Gracefield industrial precinct, is being marketed for sale by Tim Julian and Kieran Lennon of Colliers International.
The property offers a highly functional warehouse/workshop and office combination on a prime corner site in a high-demand location, Julian said.
“The vacancy rate in the Seaview/Gracefield precinct is at its lowest in a generation, so the opportunity to secure this versatile property will make good sense to savvy owner occupiers and add-value investors.”
Blue chip tenants have been competing for the limited remaining properties available for lease in the precinct, which is Wellington’s largest industrial area, said Julian.
“Rents are rising rapidly as a result of high demand. The most effective method of locking in future occupancy costs at today’s rates for an industrial space user is to purchase their own building,” he said.
“With yields still higher than the cost of funds in Wellington, the annual cost of ownership is less than the cost of leasing premises for a year.”
The property was constructed in the 1970s, with around 400m² of first floor office space added around 10 years ago. This office, which provides excellent views of Wellington Harbour, Petone Beach and the Hutt motorway, is leased to two existing Tenants.
The rest of the property, which is offered vacant, comprises 1591m² of clear span, medium stud workshop space with an additional 400m² of office space.
An ample yard of over 1000m² is also included, with the property benefiting from excellent access from both Port Rd and Meachen St.
The high demand for property in Seaview opens up options for the site if it is purchased by an investor or smaller owner occupier, said Lennon.
“The unsatisfied demand from tenants in Seaview means that if an investor purchases this property, or even a small business that doesn’t require all the workshop space, it would lease readily if appropriate terms were offered.”
Colliers has leased some 10,000m² of space in Seaview over the last three months, illustrating the high demand, Lennon said.
“Seaview is highly sought-after among businesses owing to its easy access to the motorway and port. Competition for space here is strong, especially among logistics and distribution companies which require good transport connections.”
Seaview is a very popular transport and distribution hub that is undergoing significant modernisation at present, said Julian.
“A number of industrial buildings are being refurbished to provide modern solutions to the demand from industrial space users within the Seaview / Gracefield industrial precinct.”
The property is for sale by deadline private treaty closing 3pm on the 13th of December 2016.