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News Release

Wellington

Carters Porirua potential to develop


 

 

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​​​​​Porirua leasehold investment property, currently leased to long-term and high profile tenant Carter Holt Harvey comes to market, offering astute investors the opportunity to purchase a prime investment property with development potential and inbuilt retail growth.

Commercial property experts JLL have been appointed to sell Carters Porirua, located at 75-77 Kenepuru Drive, Porirua. John Persico, commercial sales broker at JLL is fronting the marketing campaign and is offering the investment for sale by private treaty. This leasehold property offers investors’ inbuilt retail growth, as Persico has confirmed a new six year lease with high profile tenants, Carters from 1 May 2015. 

“This affordable industrial investment opportunity is for sale by private treaty and offers a return in excess of 10%. The property is not currently utilising the full site coverage provisions allowed for under the district plan. What this means is that there is the possibility to further develop the site which gives investors the opportunity to increase their rental revenue. This may be in terms of accommodating expansion of the existing Carter Holt Harvey operations or a future tenant who requires additional facilities on-site” says Persico. 

The property is currently occupied by established tenant Carter Holt Harvey with a lease that incorporates annual rental growth of 10% and is generating a net annual rental income of $233,929 + GST. The site includes 2,388sqm of gross lettable area plus an extensive yard. Carter Holt Harvey is a respected New Zealand building supply company, with over 50 building supply outlets throughout New Zealand and leading Australasia as the largest trans-tasman timber production company. 

This 9,217sqm property is located within an industrial zone and is contained within two titles which are subject to ground leases. Situated in a key location within close proximity to Wellington City, it features prominent road frontage to Kenepuru Drive which is the host of the main traffic thoroughfare between Tawa and Porirua.
Persico says the Kenepuru Drive location is beneficial for Carters as this up and coming industrial area is continuing to develop as a result of its high vehicular exposure, with neighbouring retailers including Moore Wilsons and Plumbing World.

Carters is set centrally upon the site and features a mix of showrooms, warehouse and storage areas and dedicated onsite customer car parking, plus additional gated entry to the timber yard.