Property Description

Gollins Industrial, as the sole marketing agent, is pleased to offer for sale this sound warehouse building in Wellington’s most popular industrial suburb.

After 15 years of owning our vendor has a genuine reason for selling.

62 Victoria is an opportunity to purchase a sound warehouse building (75% NBS)  at well below replacement cost. For the owner-occupier an opportunity to slash their occupancy costs by capitalising on the low interest rates. – develop your own super fund.

Being fee simple freehold title you won’t have to concern yourself with the restrictions and controls that come with a unit title body corporate or leasehold land. With this property you have full control.

Background – Petone

The popularity of Petone has led to a shortage of buying opportunities for investors and owner-occupiers.

Petone has experienced a rise in warehouse rentals in the excess of 30% in recent years.

Rental growth at this level would normally lead to a rise in development activity. However, the lack of land available does not make this possible.

With no new builds, low interest rate environment, industrial users being forced out of the city fringe and Te Aro means rentals and values will continue to rise in Petone.

The shortage of land in Petone is illustrated in the sale of the vacant site directly opposite at no. 47 land area 417 square metres and smaller than no.62. Sold in 2017 for $392,500 equating to $941 per square metre when applied to no.62 gives the property an underlying land value in the excess of $440,000. 

Tenders closes 12:00pm Wednesday, March 18th 2020

To view and receive a property information pack contact contact Kevin Dee on 027 442 0700 or email [email protected]

Occupy or Invest - Your Choice

62 Victoria Street, Petone, Lower Hutt

703 m²
Basic Details
Listing ID : 1252
Listing Type : For Sale
Land Area : 473 m²
Floor Area : 703 m²
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