Six freehold industrial units to be built as part of an upmarket mixed-use precinct in the Wellington suburb of Newlands, have been placed on the market for sale by tender.
The broader development on the north-western side of Newlands Road is being undertaken by Newlands JV Limited, which comprises a group of seasoned investors and developers with broad experience across the Wellington property market.
The six industrial units will sit behind 14 freehold residential townhouses – some of which have a ground floor retail component – and the site will be landscaped to create an attractive multi-functional enclave within the evolving and popular suburb.
The units will have a ground floor footprint of 95sqm and a 40sqm mezzanine level. The properties will be at 100 percent new building standard, feature 6-metre stud heights and include bathroom and kitchenette amenities.
There is the option to choose either a roller door or glazed frontage, and while the units will include contemporary finishes and fittings, the exterior has a design-nod to traditional industrial buildings with a classic saw tooth-style roof profile.
Mark Walker and Richard Faisandier of Bayleys Wellington Commercial are marketing the industrial units which will be under construction shortly, with tenders closing at 4pm, Wednesday 17th March.
Walker said since launching to the market very recently, they’re already fielding robust enquiry from owner-occupiers looking to secure a workable base close to Wellington and easily accessible to main arterials.
“The market has a very strong appetite for this sort of offering currently, with new industrial precincts across the region selling down quickly,” he said.
“Owner-occupiers, particularly, are very motivated in the current low interest rate environment to secure a place of their own to future-proof their business operation and free themselves of landlords.
“It’s heartening to see business owners seeking independence in this regard and taking control of the roof over their business’ head.
“With expected completion circa-February 2022, a business owner could be working from here within 12 months which gives time to plan, exit an existing lease and start afresh.”
Investors are also hot on the acquisition trail and, with potential annual net income assessments of $57,000 - $62,000 per unit, Walker said astute buyers will recognise the opportunity and have confidence in the locational credentials for attracting tenants.
“With easy access to State Highway 1 both north and south, Newlands is the ideal location for any service-based business given the streamlined access to Wellington, Porirua and Hutt Valley,” Walker said.
“Aside from trade-related or retail/showroom occupiers, there’s also potential for office use as, in the wake of the COVID-19 work-from-home scenarios, a suburban office close to home has very real appeal.”
The property site has Centres zoning. Newlands is one of six identified District Centres in the Wellington City Council district plan. The aim for these centres is to provide localised shopping and services to support a strong suburban community.
There is evidence of residential growth in the suburb and recreationally, work has started on the $3.6 million transformation of nearby Newlands Park as part of the Northern Reserves Management Plan.