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News Release

Wellington

Exciting investment opportunity along Wellington’s Northern Corridor

JLL is marketing a rural industrial property with huge potential


 

 

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JLL is marketing a 3.3 ha freehold industrial property at 147 Te Horo Beach Road.

The property sits 70 km from Wellington’s city centre in the small town of Te Horo Beach. It includes 2,600 sq m of covered space and is currently tenanted by Terry’s concrete manufacturers, Paving New Zealand.

JLL agent, Ulf Führer, says the property would appeal to both owner-occupiers and investors.

“This is a fantastic opportunity for an owner-occupier to set up their business within approximately an hour’s drive from the capital. Alternatively, an investor may wish to keep the site tenanted or choose to redevelop the land,” says Führer.

Führer notes that the property is well-placed along Wellington’s Northern Corridor and is set to benefit further with the ongoing upgrade to State Highway 1.

The upgrade project, led by the New Zealand Transport Agency, involves the construction of a four-lane expressway linking Wellington Airport and Levin. By making travel significantly more efficient, the upgraded expressway will unlock economic growth on both a regional and national scale.

“For small towns like Te Horo Beach, the NZTA project is good news. There is an expectation that the finished corridor will contribute to a revitalisation of the area,” says Führer.

For many years, the property at 147 Te Horo Beach Road served as the processing plant for Tegel. The closure of the plant in April 2000 saw the loss of 90 jobs. It came as the third employment hit to the district, following the closure of the Richmond meat-processing plant and the downsizing of Stresscrete concrete.

“With the NZTA project making significant headway, it’s becoming easier to see how the new road will benefit places like Te Horo Beach,” says Führer. “In this sense, the upcoming sale of the property is really quite timely.”

The property is currently zoned as rural and industrial. If rezoned to allow residential activity, the site could potentially be subdivided into residential sections. Subdivision plans have been previously put forward to the council, however these have since expired.

“A savvy investor may want to think seriously about residential subdivision. With Wellington’s regional population expected to grow by 80,000 over the next 20 years, there is sure to be demand for accommodation,” remarks Führer.

Nearby Otaki has already seen a spike in residential sales since work commenced on the MacKays to Peka Peka expressway in 2013. Similarly, in Levin, residential sales in October 2016 were up 71% from October 2014.

Fü​hrer anticipates that interest in housing in the area will only grow as the Northern Corridor project nears completion, with commuting no longer being seen as such an issue.

“In this sense, the property at Te Horo Beach Road is likely to attract a buyer with a long-term vision to truly reap the benefits of a well-connected Wellington region.” 

The property is for sale by a deadline of 3pm, 3 May 2017.