Described by marketing agents as “arguably one of Upper Hutt’s best commercial properties”, a complex of mixed-age buildings configured in an “F” shape across a large site in a busy Upper Hutt commercial neighbourhood, is for sale.

Fully occupied by 10 tenants including government agency Kāinga Ora Homes and Communities, Professionals Real Estate Upper Hutt, Medic Alert, and Apex Dentures, the property at 5-7 Gibbons Street occupies 2,905sqm of Commercial Zone A land across two freehold titles.

It has 1,919sqm lettable building area, 70 metres of street frontage for optimal visibility and profile, and 35 on-site car parks.

Recent upgrades, refurbishments and reconfigurations have created modern office accommodation with high functionality, and a strengthening programme last year took the buildings to 80 percent of new building standard.

Pitched as a quality passive investment with built-in rental growth and currently returning net income of $447,906 per annum plus GST, the property will be sold by tender closing 21st August through brokers Ethan Hourigan and Christian Taylor, Bayleys Wellington Commercial.

Hourigan says the property has been meticulously maintained and managed over the years, and represents a logical investment opportunity for a buyer keen to get a presence in an affordable location in the wider Wellington context.

“Upper Hutt is running its own race right now and has come out of Lower Hutt and Wellington city’s shadow.

“Good value can be found here for savvy investors, as evidenced by a recent off-market sale undertaken by Bayleys for a commercial property near to this Gibbons Street offering.”

“Anyone who has bypassed Upper Hutt in recent years would likely be staggered at the amount of change that has occurred throughout the city.

“There’s been significant housing development to optimise greenfield sites with scale – like the Wallaceville Estate which is a Gillies Group project – and the emerging Blue Mountains resilient commercial campus by developer Willis Bond in Ward Street.”

Other projects of note are Brewtown hospitality precinct in the South Pacific Industrial Park, and the New Zealand Campus of Innovation and Sport on the former Central Institute of Technology site in Trentham – both initiated by Gillies Group.

Upper Hutt’s population is forecast to increase from 46,000 to 70,000 by 2051, which underpins the requirement for centrally located commercial and service space, says Hourigan.

“Recognising the value of the location, big name operators like PAK’nSAVE, City Fitness and Bargain Chemist are all in the immediate neighbourhood,.

“The Gibbons Street property is less than 10 minutes’ walk to the main Upper Hutt railway station which ramps up the convenience factor for staff.”

Gibbons Street runs straight through to the State Highway 2 on/off ramp for streamlined access north, and south, and offers easy access via the Haywards to State Highway 1.

Click here for more information on the listing.