Skip Ribbon Commands
Skip to main content

News Release

Wellington

Boomerang sale of large Seaview industrial site

John Persico of JLL has brokered the sale of a large industrial site at 120 Hutt Park Road Seaview, to its former owner, Building Solutions.


 

 

Grey Lynn office unit decked out for summer/new-zealand/en-gb/news/864/grey-lynn-office-unit-decked-out-for-summerAucklandGrey Lynn office unit decked out for summer
East Tamaki gem with new five-year lease/new-zealand/en-gb/news/863/east-tamaki-gem-with-new-five-year-leaseAucklandEast Tamaki gem with new five-year lease

​​​​​​​​​​A group of private investors, managed by Anaro Investments, purchased the 120 Hutt Park Road site from Building Solutions in 2001, Building Solutions have now repurchased the Hutt Park Road property.

​“Building Solutions have taken advantage of a prime opportunity to repurchase an asset they know provides a strong investment and a great long-term future,” says Persico.

The property encompasses 2.2 hectares and comprises a large purpose built warehouse and office development that was constructed in 2001. There are extensive yard, car parking and circulation areas, together with two adjoining ‘standalone’ workshops at the rear of the property. Turners, one of New Zealand’s largest car auction houses, fully occupies the property with a lease which provides a stepped annual rental income which is currently at $719,563 net plus GST. 

​​​​ 
Until recent times, the Seaview and Gracefield areas were generally characterised by existing and former government stores, wool stores and heavy engineering work shops. With new design build activity and a number of new occupiers entering the market, the locality has had a change in emphasis to a focus on storage, transport and distribution companies such as TNL, Hookers, Linfox and Peter Baker Transport. 

“The Seaview area has seen a strong increase in investment activity and a decrease in vacancy over the past year and has proven a popular location for industrial occupiers as it is in close proximity to central areas of Lower Hutt and Petone with easy access to the Hutt Motorway through arterial routes” adds Persico.

Research from JLL’s latest Pulse report shows the Wellington industrial market has performed well over the first half of 2015 with a particular number of leases completed in Seaview and Gracefield pushing prime rents higher and a renewed demand for quality space.

This property is located in a Special Business Zone which accommodates for large scale business operations and industrial activities such as the use or storage of hazardous substances.