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JLL secures speedy sale of Jarden Mile property



Long term investment with development potential/new-zealand/en-gb/news/916/long-term-investment-with-development-potentialAUCKLANDLong term investment with development potential
Former Fire Station on high profile corner site/new-zealand/en-gb/news/915/former-fire-station-on-high-profile-corner-siteCHRISTCHURCHFormer Fire Station on high profile corner site

​​​A prime piece of Wellington’s industrial market has sold for $2.26million in record time. John Persico, Industrial Agent for JLL has successfully sold 1 and 7 Jarden Mile to new owners, Building Solutions in under a week.

This property proved to be a prime slice of Wellington’s industrial sector as it never had the chance to hit the market, with Building Solutions picking it up within a week of Persico receiving the listing. 1 and 7 Jarden Mile has been held in an Auckland family trust for the past 25 years before exchanging hands to Building Solutions, with the deal expected to be settled by July 2015.

Persico says, “The exceptionally quick sale of Jarden Mile proves this property to be a quality investment and was highly attractive due to its long term tenants in place, offering a combined net income of approximately $185,500.”

New owners, Building Solutions are an impressive New Zealand property development company, who plan to retain this purchase as an investment property with long term tenants Fire Security Services in place at 1 Jarden Mile and Candida Stationary and TNT secured for 3 year leases at 7 Jarden Mile.

This sale comprised of two separate lots fronting Jarden Mile and in close proximity to the Centennial Highway, the main route between Wellington City and Porirua. Both properties feature a two-storey warehouse and office building which were constructed circa 1990, plus 9 onsite car parks.

1 Jarden Mile offers a total area of 1,149sqm arranged over a 6.3m stud warehouse and two floors of office spaces, whilst 7 Jarden Mile offers a similar building configuration with a larger total area of 1,435sqm. The sale of Jarden Mile reflects the increasing investor confidence, particularly in the prime end of Wellington’s industrial market as prime industrial yields continue to firm on the back of strong demand. Ngauranga is a stable market for investors and continues to strengthen as it has seen no major losses of tenants in the past year.