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News Release

Two central Hokitika properties for sale with upside

JLL marketing 5 Weld Street and 91-93 Revell Street, Hokitika



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

​Two significant freehold properties in central Hokitika are being marketed by Chris Harding of JLL. The properties at 5 Weld Street and 91-93 Revell Street are centrally located and the majority of each are tenanted. They will be sold by deadline sale closing 4pm Tuesday, 4 September.

5 Weld Street is in the core commercial area of Hokitika. The 1960s two storey, building is approximately 360sqm and has significant profile and street frontage to Weld Street and Perry Lane. It is tenanted by Ray White Real Estate, House of Travel, McNulty Engineering Management and Flavey Reeve providing a net annual rental of $36,220.

"The property at Weld Street sits on a 233sqm site and presents a great opportunity for an investor or a developer. The tenancies are on a month-by-month basis allowing a new owner to either continue with this arrangement, extend the lease agreements, own and occupy or develop the site," says Harding.

91-93 Revell Street also sits in a premium location. The 1960's property benefits from being alongside Weld Lane with Revell Street at the front of the property and Hokitika beach at the rear. The building is 440sqm and is split into two tenancies, one which is currently vacant and the other tenanted by Addisons Clothing which returns $17,740 net pa plus $1,000pa for the exclusive use of the rear carport. There is also a double garage on the site which is not currently rented. The lease agreement for this property is also on a month-by-month basis.

The Revell Street property is on a 751sqm site across two titles and, like Weld Street, is zoned commercial core.

"The Revell Street site is exceptional in that is can be accessed from three sides due to Weld Lane running the length of the property. The beach at the rear of the site is also a nice bonus. A developer could explore opening the property out onto Weld Lane with smaller tenancies who could capture foot traffic through to the beach," says Harding.

"Both properties are being sold 'as is where is', due to some work being required at each to bring them up to 67 per cent of the new building standard code."

Hokitika is a mining town on the West Coast of the South Island and is recognised as one of the country's fasted growing tourist areas.

"Tourists flock to the region to enjoy the natural resources available on the West Coast along with the mining attractions and the nearby Pancake Rocks at Punakaiki. The Tranz Alpine train also stops half an hour away in Greymouth, so tourists can train across from Christchurch and then take the half hour drive to Hokitika," explains Harding.