Space for lease in new Petone commercial hub

12:30 PM Thursday May 7, 2015 Colin Taylor

Artist’s impression of aerial view of 47 The Esplanade, Petone, following occupation by Bunnings Warehouse.

About 2000 sq m of space is available to lease in the former Te Puni Mail centre on Petone’s Esplanade that is to be reinvigorated as a commercial hub anchored by a Bunnings Warehouse.

The 2.2 hectare site has a prime waterfront position at 47 The Esplanade with unobstructed views of the harbour and Wellington city. It is a five minute walk from the Petone railway station and a 10-minute drive to Wellington CBD.

“A complete aesthetic refurbishment will take place which will revitalise the look and feel of this fairly industrial looking property,” says Johnny Curtis of Bayleys Wellington who, with colleague Matt Gibbs, is seeking to lease retail, office or hospitality space over the ground and first floors.

Bayleys Wellington has the master agency for the leasing of the current administrative component of the property with Bunnings confirmed as tenant for the existing rear warehouse facility comprising around 80 per cent of the present NZ Post footprint.

Bunnings is expected to be in occupation from early-2016 and its operation will include a garden centre near the Hutt Road-Nevis Street corner. It is intended that the property will include a mix of bulk or supplementary retail, office and hospitality tenants.

Last year Bayleys Wellington brokered the $15.4 million sale of the NZ Post-owned property to high-profile Wellington-based commercial property investors, Hodge Group.

NZ Post’s mail sorting operation is being transferred to Palmerston North and the company will vacate the property by August this year.

Gibbs says the Hodge Group, is keen to talk to potential tenants and is willing to meet their needs in terms of how the space is carved up.

“Shayne Hodge has indicated that in terms of form and function, he will be led by the market to a certain degree. The property is a blank canvas for the right tenant or tenants who can take as little as 160 sq m or bite the bullet and commit to 2000sq m.”

It is expected that the Bunnings operation will attract strong foot-traffic numbers. NZ Post intends putting post office boxes on the Esplanade side of the property which will also ensure a constant flow of potential customers for any businesses securing space on the ground floor of the property.

“There will be businesses that can see the very real benefits of being located close to Bunnings to leverage off the clientele that such an operation brings to the area,” says Curtis.

47 The Esplanade, Petone - artist's impression - street level view following refurbishment.jpg

Artist’s street level impression of Petone buildings to lease following refurbishment. 

“Sixty car parks are in the front of the building which gives this location a clear competitive advantage over many office and retail spaces throughout the wider Wellington region.”

Gibbs says the 1990s building was home to NZ Post for 25 years but the new-look building will allow flexibility for a wide range of prospective tenants.

“District Plan change 29 has created zoning freedom at the western end of Petone which is facilitating growth and diversity in the area,” he says.

Curtis says ‘big box retail’ is taking off at the Esplanade end of Petone with most of the major key national brand names already represented.

“Pakn’Save, The Warehouse, Kathmandu, Warehouse Stationery, Briscoes and Rebel Sport all have a presence in the neighbourhood and have played their part in attracting a loyal and growing customer base from across Wellington,” he says. “These big name retailers have certainly boosted activity in Petone at the weekends in particular.”

“With the exit of NZ Post from this tightly-held site, the waterfront location becomes available for visionary retail, office and hospitality tenants who want to be part of Petone’s continuing metamorphosis into the region’s leading shopping and business destination.”