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Rare chance to develop on large Petone site

Udy St property is a rare development opportunity amidst Petone's boom of activity



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

29 Udy St with red line small-min.jpgA development opportunity in Petone is being marketed for sale through JLL. 

The prominent corner site at 29 Udy St offers 2,959sqm of land. The property currently holds a mixture of workshops and offices, but these will be demolished prior to settlement.

JLL agent John Persico says this may be one of the last development opportunities of this size in Petone.

“Due to the topography of the Wellington area, industrial land has been scarce, making the potential for any development very difficult. 

“What’s more, the growth of bulk retail in the area has meant many industrial properties have seen a change in use, keeping industrial vacancy rates low and leaving little space left to work with. 29 Udy St offers a unique opportunity to become part of a thriving location,” Persico says.

The growth of Petone’s retail sector has contributed to its changing vibe. Bunnings opened in April, joining The Warehouse and Warehouse Stationery in the area. Rebel Sport and Briscoes are undergoing construction, and Kmart is in the planning stages. These are all on sites which were previously industrial.

Furthermore, with cafés popping up around the area, as well as a strong supermarket presence, Petone’s former identity as an industrial centre is rapidly evolving, Persico says.

“The buzz of activity in Petone has made it an increasingly attractive location. Café culture in Petone has taken off, meaning workers have greater choice for their lunch breaks and in choosing a location for their next business meeting. The Countdown and Pak ‘n’ Save supermarkets are just a kilometre down the road, so this location benefits from the passing traffic they bring.”

The site is neighboured by CPI Papers, with the Weltec carpark directly opposite, and the Petone Recreation Ground and working men’s club just a few hundred metres down the road. Mitre 10 Mega and Plumbing World are also close by. 

The general business zoning of the site also allows for some retail uses.

“A large portion of Petone’s industrial buildings are outdated. As an empty site, 29 Udy St presents an exciting opportunity to build something new,” Persico says.

The importance of Petone’s central location, as a connection between the Hutt Valley and Wellington City, will only increase as the Petone-Grenada Link Road project gets under way. Construction of a four-lane route between Petone and Tawa is expected to commence in 2019, making it quicker and easier for people to travel around the Wellington region.

JLL is marketing 29 Udy St for sale by Deadline Private Treaty, closing Wednesday 17 August 2016.​​​