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News Release

Wellington

JLL gets record price for Petone industrial site

Rare Petone site has been bought by investment company


 

 

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

​​​​29 Udy St with red line small-min.jpg

A 2,959sqm site in Petone has sold to Newfield Investments for 2.35 million. At 794 dollars per square, this is a record price for industrial land in Wellington.  

The property at 29 Udy St was marketed by JLL agent John Persico and sold through deadline private treaty.

It attracted a high level of interest with applications from more than 20 potential buyers, which indicates the scarcity of industrial land in Petone, Persico says.

“Many industrial properties have been transformed into bulk retail, meaning that industrial vacancy has remained low. The property at 29 Udy St presented itself as an opportunity for buyers to locate themselves within a thriving area.”

The introduction of Plan Change 29 in November 2014 saw the rezoning of Petone’s central area, allowing retail development to take off. Since then, many industrial properties have seen a change in use. Bunnings Warehouse was developed on the former Te Puni mail centre, Briscoes and Rebel Sport are under construction on the ex-Colgate site, and Kmart is planned for the ex-Feltex site.

The importance of Petone’s central location is expected to increase as the Petone-Grenada Link Road project gets under way. A four-lane route between Petone and Tawa is scheduled for completion in 2023, making travel around the greater Wellington area quicker and easier.

Persico says the Petone-Grenada Link Road project will also boost Petone’s profile in the region.

“With more cafés, retail, and supermarkets moving into the area, it is clear Petone’s identity is evolving from an industrial centre to a retail hub. The direct route from Grenada will only add to Petone’s growth, making Petone more accessible to a wider range of people which will ultimately benefit local retailers.​

“Everyone is wanting to be part of Petone’s action, but because of Wellington’s typography there is only so much room, so 29 Udy St was a rare find.”

Currently the property holds a mixture of workshops and offices, however these will be demolished to allow the purchasers to develop the site for their own use. 

Read the Stuff article here​