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News Release

Wellington

Pair of Hutt Road properties for sale on high profile route

Huge potential for development


 

 

Significant piece of industrial land for sale /new-zealand/en-gb/news/848/significant-piece-of-industrial-land-for-saleChristchurchSignificant piece of industrial land for sale
Historic West Coast Hotel for sale/new-zealand/en-gb/news/849/historic-west-coast-hotel-for-saleChristchurchHistoric West Coast Hotel for sale

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​​​Two adjacent properties on Hutt Road are up for sale through commercial property specialists JLL, offering an opportunity to buy the sites individually or as a pair.

The sites are located at 59 and 61 Hutt Road, and offer 754 sqm and 1101 sqm of space. Both are currently tenanted, with 59 Hutt Road leased to Civic Limited and 61 Hutt Road to Target Furniture.

Given their location on one of Wellington’s key arterial routes, these sites have huge development potential, says JLL agent, Ulf Führer.

“Hutt Road experiences high traffic flows from both directions, as a major route going in and out of the city. With wide frontages, both sites are visible from State Highway 1, which runs alongside Hutt Road at a raised level. Not only does this mean the sites enjoy a high profile, but this may be used as an opportunity to generate additional revenue through billboard advertising.”

While a large portion of the industrial buildings on Hutt Road are outdated, 59 and 61 Hutt Road offer an exciting opportunity to contribute to the revitalisation of the area, Führer says.

“The prime location of the two sites in Wellington’s renowned furniture and home improvements precinct offers it up as an excellent development opportunity and a chance to revive the existing buildings. Lately we’ve seen similar activity on Hutt Road, with the redevelopment of the Motorsport building, the upgrade of the Glengarry Wines site, and the recent demolition of Flamingo Function Centre which will make way for a new development.”

The strong holding income of both properties allows an investor the time to develop each site at their own pace. 

“Thorndon Quay and Hutt Road are characterised by low to medium-rise buildings, with bulk retail on the ground floor and offices or apartments above. Similarly, both 59 and 61 Hutt Road would suit a three-level development with ground floor retail, two floors of office above, and rooftop parking with access from the street behind.”​

Pipitea and Thorndon Quay are well-regarded as Wellington’s premium bulk retail location, given the ease of on-street parking and proximity to the CBD. Notable tenants in the area include TileMax, Lighting Plus, and Kennards Self-Storage.

These two properties are for sale by tender, closing Wednesday 16 November 2016 at 3pm.