The property at 28 Downer Street was originally constructed for Switzerland-headquartered security firm Securitas in 1978, with subsequent refurbishments carried out in 2013 and 2019.
The current occupier is the multi-disciplinary building services, retail security and security system provider Sensormatic New Zealand Limited, which is owned by Johnson Controls Luxembourg European Finance Sàrl.
The fringe Lower Hutt CBD property has dual access and is located on the south side of Downer Street, close to its intersection with Bristol Square, in a precinct that features destination service-related retail, automotive dealerships and trade premises.
It is being marketed by Fraser Press and Paul Cudby, Bayleys Wellington Commercial and will be auctioned at 11am on Thursday 17th March.
Cudby said while the property has always been occupied by firms in the security and monitoring sector, it would transition to another commercial or industrial user with ease and is a highly sought-after asset.
“The property has been occupied by security companies for 44 years and given its construction and amenities, is a natural fit for this sector however, the building is flexible enough to morph into other business usage,” he said.
“Recent auctions and other sales campaigns for property of this calibre in Lower Hutt have attracted significant enquiry and qualified buyer interest.
“There simply isn’t enough investment stock to go around and that scarcity factor continues to drive activity in the commercial and industrial market currently.”
The Downer Street property is a 570sqm two-level concrete building with the ground floor offering office space, a secure monitoring bunker and a workshop/warehouse to the rear which is accessible via an extra width roller door from the rear yard/parking area.
The first floor comprises quality air-conditioned office space and amenities with excellent natural light, fitted-out to a contemporary standard with a layout offering individual offices, meeting rooms and open-plan workspace.
There is forecourt parking to the road frontage along with a substantial yard with additional parking accessed from a Council service lane to the rear of the site.
It occupies a 662sqm Central Commercial-zoned site and returns a net annual income of $116,560.
The current renewed lease commenced 1 August 2021 on a two-year term, with a further two-year right of renewal exercisable, and a rent review to-market on 1 August 2023.
Cudby said the property offers an affordable opportunity for an investor to get a foothold in the industrial investment sector, or to grow an existing portfolio.
“This is one of the most highly regarded locations in the lower valley and it’s a robust offering with great underlying credentials.
“Access to State Highway 2 via Melling Link is close by and the Lower Hutt CBD and fringe is undergoing a significant resurgence and gentrification due to the emergence of mixed-use developments incorporating residential accommodation and the revitalisation of public amenities.
“With improvement to transport and infrastructure by local and central government imminent, the area seems destined to continue its positive trajectory.”