That principal is driving interest in a 1980s warehouse with supporting office and showroom capacity in the Lower Hutt suburb of Petone – one of the Wellington region’s preferred industrial precincts, where there is minimal vacancy.

The property on a 698sqm site at 463 Jackson Street lies at the eastern end of the thoroughfare which runs from the Petone railway station in Hutt Road, along the main Petone retail strip and onwards to the Shandon Golf Course.

With a total 703sqm building area comprising a street frontage contemporary ground floor showroom with offices and amenities on the second level, plus a roller door-accessed high-stud, clear-span warehouse with drive-through access to a rear yard, the property is well-maintained and is at 80 percent new building standard.

It is occupied by successful local scaffolding business Coin Total Upgrades Limited, which recently relocated its operations to the site.

Agents Paul Cudby and Ethan Hourigan, Bayleys Wellington Commercial are taking the General Business-zoned property to auction at 11am, Thursday 8th December.

Cudby said the property is a straightforward, passive investment proposition in a premier location that will appeal to both new entrants to the industrial market and those with established portfolios.

“It’s one of those properties that will tick along quite effortlessly and the income is good.

“There’s a new four-year full net lease with a mix of CPI and market reviews built-in, and a current net income of $120,000 per annum plus GST.

“Investors recognise that in the current market, income is King so the inherent benefits of the regular rent reviews come into their own.”

The functional warehouse is 6.5 metres at the knee, and eight metres at the apex, making it suitable for a broad range of uses.

The building has a near-new roof, translucent panels for great natural light, epoxied warehouse floor and upgraded amenities.

There are five on-site car parks, and there’s additional on-street parking directly opposite.

“The property is virtually equidistant from the Petone and Dowse interchanges, giving reasonably streamlined access to the region’s motorway network and avoiding the traffic snarl-ups that can often occur within the busier neighbouring Seaview and Gracefield industrial precincts,” said Cudby.

“The tenant Coin Total Upgrades is new to the site and was attracted to it because of the locational fundamentals and particularly, the good arterial access for its region-wide workload.

“A new owner of the property will appreciate that the scaffolding sector is in huge demand for construction, refurbishment, reroofing, staging and the provision of bleacher seating among other things and will take confidence from the four-year lease with renewals.”

Other occupiers in the area include a mix of trade showroom and services, manufacturing and general warehousing.

Click here for more information on the listing.