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New building with Government lease in Wainuiomata

The freehold property at 5 Te Ara Raukura, Wainuiomata, adjacent to the suburb’s recently-opened new generation Countdown supermarket, is part of a wider development undertaken by Woolworths NZ Limited, Countdown’s parent company.

Further development is in the pipeline for the new multi-million dollar supermarket-anchored precinct, on the site of the former Wainuiomata Mall which had languished for many years prior to its acquisition by Woolworths.

The subject property for sale is fully-leased to the Ministry of Social Development (MSD) and comprises welcoming purpose-built open plan client-facing office space, multiple meeting rooms and staff amenities.

It has a floor area of 424sqm, occupies a 549sqm flat site and is at 100 percent new building standard.

Ethan and Mark Hourigan of Bayleys Wellington Commercial and Peter Gorton, Bayleys Auckland Central, are marketing the property via a tender campaign closing 4pm, Wednesday 27 April.

“This bespoke low-maintenance new build has been designed to meet Government design specifications and it provides a superb commercial office environment for MSD, which had been operating from temporary premises while construction took place,” said Ethan Hourigan.

“Woolworths NZ Limited is committed to creating a community-focused precinct around its Countdown supermarket, and the MSD-occupied building would be a strategic addition to any existing commercial investment portfolio, or a step on the ladder for new investors to the sector.”

The building has good street appeal with the precast tilt panel structure having well-positioned high bay windows to the front elevation allowing plenty of natural light into the building.

There is one onsite car park, with ample on-street car parking for clients.

MSD has a 12-year lease which commenced April 2021, with three, six-year rights of renewal. The property returns an annual net passing income of $111,500, with the rent benchmarked to CPI every three years and a review to market at lease renewal.

Hourigan said as one of Wainuiomata’s newest commercial buildings, the MSD-occupied property stands out as a best-in-class passive investment.

“This is a classic ‘park it in the bottom drawer’ offering and given the current makeover that Wainuiomata is undergoing, it represents a compelling investment opportunity.

“The suburb is gaining significant traction, with extensive greenfield residential development underway and various land and home packages being eagerly snapped up, a new Masonic retirement village selling well, and other commercial development progressing.

“The new supermarket and proposed additional retail and hospitality opportunities have been well-received by residents who like to shop locally and support their community.”

Wainuiomata has a population of around 17,000 people, and the suburb’s house prices have been among the fastest-growing in the Wellington region.

The Trade Me Property Index as of March 2022 reports that year on year, the average listing price for medium-sized homes in Wainuiomata has grown by 20 percent in 12 months.

Other industry commentators suggest that this figure is conservative, with Wainuiomata outpacing price growth witnessed in other Lower Hutt suburbs and gaining renewed interest as a location on the back of shortages of residential stock elsewhere in the region.

Click here for more information on the listing.

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