Two buildings set in Wellywood film location
Occupied by 4 Seasons Home & Leisure and film management company 3 Foot 7 Limited, the property will be auctioned on April 16.
Two modern and separate buildings in the middle of Wellington’s feted film production precinct are for sale by auction after being in the same ownership for 23 years.
“The vendors are looking to enter into a new lease-back arrangement with a purchaser to retain their business presence in the area,” says Colin Hodge of Bayleys Wellington who, with colleague James Higgie, is marketing the property to go under the hammer on April 16.
Hodge says Richard and Gina Lousley, owners of the 1365 sq m freehold property at 133 Park Rd, Miramar, initially traded out of a cabin in the front yard while they waited for existing tenants to vacate the buildings on site.
Originally trading as Heartlands Outdoor Living, the couple joined well-established national brand 4 Seasons Home & Leisure five years ago selling barbecues, spa pools, outdoor furniture and fireplaces. “They are the only stockists of genuine Weber barbecues in Wellington and Hutt cities and recently opened a second store in Petone,” Higgie says.
Hodge says the Park Road area of Miramar has evolved significantly in the last two decades.
“Following the closure of major company Tyree-Power many Miramar industrial properties were left empty but film mogul Sir Peter Jackson swept in and acquired comprehensive property assets revitalising the area in the process.
“An active and ‘buzzy’ café scene has burgeoned thanks to this revival and Miramar is firmly on property investment radars again,” Hodge says.
Academy Award-winning Weta Digital and Weta Workshop, the soundstages of Stone Street Studios and boutique facility Park Road Post Production are in the immediate neighbourhood, and the California Garden Centre is adjacent to the property now for sale.
The property encompasses showroom, warehouse and office space totalling 878 sq m plus a large concrete display yard and sealed car park. Construction is of precast concrete and timber framed walls on a concrete slab base, sheet metal roofing and aluminium joinery. A 40-foot shipping container with power connected sits on the left-hand side of the yard and will remain with the property.
The entire ground floor and display yard is occupied by 4 Seasons with film management company 3 Foot 7 Limited housed in a smaller first floor tenancy.
The property earns a net income of approximately $148,000 plus GST. Heartlands Retail Limited trading as 4 Seasons has a six-year lease from March 2015 with two, three-year rights of renewal while 3 Foot 7 Limited has a lease until September this year with one, two-year right of renewal.
“Our vendors have given much thought to retaining ownership of the property given the evolution of Miramar in recent years but they have decided to go to auction and reinvest some of the resulting capital into family assets,” says Hodge.
“A new owner may see opportunity and potential rental upside once the smaller tenancy becomes available,” says Hodge.
“The property also has scope for further development in the future which, together with its underlying investment credentials and the shortage of such properties in Miramar, should make it appeal to all serious property investors.”