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News Release

Wellington

Limitless potential for former CIT campus site


 

 

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​​​Commercial real estate agency JLL are calling for tenders on the former Central Institute of Technology (CIT) Campus at 51 Somme Road in Heretaunga, Upper Hutt. All offers for the sale of the 18.3ha property which includes 28,000 square metres of buildings are to be received by Tuesday the 12th May 2015.

Commercial Sales Broker, John Persico at JLL is selling the asset on behalf of the Ministry of Education. The property is held in three separate freehold titles and included in the sale is an administration block, lecture theatres, classroom blocks, six halls of residence with accommodation for 500-600 students, a childcare centre, library, computer centre, tennis court and two sports fields. 
Persico says, “The size and diversity of the buildings and open spaces on offer at this property lends this site to a wider range of integrated commercial and/or residential development options. The council have also indicated that they are happy to work with various parties in order to enable a master planning process for the site. Given its size there is anticipation that the site lends itself to a mixed use scenario.”

JLL envisage a range of potential uses that could be implemented to the site which include an educational institution, recreational / leisure facility, childcare centre, bulk retail development, residential land subdivision, retirement villages NZ​, aged care facility or rental accommodation. The property has some 9.7 ha of unencumbered land, much of which would be suitable for further development and additional ancillary buildings.

The property is located in Upper Hutt, a vibrant and growing urban area comprising a population of more than 40,000 people. The area saw 4.6% population growth in the 2006-2013 inter census period and the rate of growth is expected to accelerate over the medium term as the Wellington Urban Area pushes toward its periphery. Upper Hutt acts as a link between the Wellington Urban Area and the Wairarapa with both traffic and trade between the two areas growing significantly in recent years.

Persico continues, “The Upper Hutt area is under represented in terms of national retail brands and has only limited medium to large scale retailers present within the area. This presents an excellent opportunity for a bulk retail development on the site. The property is also particularly appealing to any educational institution looking to establish a base in Upper Hutt and is primed for a residential or retirement village conversion.”

According to JLL’s New Zealand retirement village database (NZRVD) there are a notable number of new village developments in the pipeline within the Wellington and Lower Hutt areas. However, the only development in the pipeline within the Upper Hutt area is the 115-unit expansion at Summerset at the Course.
Persico continues, “Draw factors for retirement residents to a potential retirement village on the site would be the competitive prices when compared with areas such as Wellington, due to the lower land prices, easy access to Wellington and surrounding areas via public transport, surrounding parks, golf courses, walking tracks as well as access to the Wairarapa for festivals, town visits and weekends away.”

The freehold property’s land area spans across approximately 18.29 hectares, is held in three titles and zoned “Special Activities” under the rules of the Upper Hutt City Council.