Wellington Seaview industrial property
This property at 71 Port Rd, Seaview, Wellington, is being sold by its owner-occupier Hale Manufacturing.
An industrial property in Wellington’s Seaview/Gracefield precinct has been put on the market by its owner occupier, Hale Manufacturing, which is consolidating its property requirements.
“This is a highly functional warehouse, workshop and office combination on a prime corner site in a high-demand location,” says Tim Julian of Colliers International who, with colleague Kieran Lennon, is marketing 71 Port Rd for sale by deadline private treaty closing at 3pm on the December 13.
The building has a total area of 2391sq m on a freehold site of 4049sq m and was constructed in the 1970s, with around 400 of first floor office space added around 10 years ago.
“This office, which provides excellent views of Wellington Harbour, Petone Beach and the Hutt motorway, is leased to two tenants,” Julian says.
The rest of the property, which is offered vacant, comprises 1591sq m of clear span, medium stud workshop space and an additional 400sq m of office space.
The property encompasses a yard of over 1000sq m and has excellent access from both Port Rd and Meachen St.
“The vacancy rate in the Seaview/Gracefield precinct is at its lowest in a generation, so the chance of securing such a versatile property will make good sense to savvy owner occupiers and add-value investors,” says Julian.
“Quality tenants have been competing for the limited remaining properties available for lease in this precinct, which is Wellington’s largest industrial area.
“Rents are rising rapidly and the most effective method of locking in future occupancy costs at today’s rates for an industrial user, is to purchase their own building.
“With yields still higher than the cost of funds in Wellington, the annual price of ownership is less than that of leasing premises for a year.”
Lennon says the high demand for property in Seaview opens up options for the site if it is purchased by an investor or owner-occupier.
“If an investor or small business purchaser didn’t require all the workshop space, the unsatisfied demand from tenants in Seaview means it would lease rapidly if appropriate terms were offered.”
He says Colliers has leased about 10,000sq m of space in Seaview over the last three months which illustrates the high demand.
“Seaview is highly sought-after among businesses owing to its easy access to the motorway and port. Competition for space here is strong, especially among logistics and distribution companies which require good transport connections.
“It’s a very popular transport and distribution hub that is undergoing significant modernisation, with a number of industrial buildings being refurbished to provide modern solutions for industrial space users within the Seaview/Gracefield industrial precinct.”
Tim Julian, Colliers International.