Park dollars in Miramar neighbourhood retail

Commercial property investors looking for exposure to Wellington’s eastern suburbs will be drawn to a prime Miramar site anchored by three fully leased retail tenancies, on an arterial road favoured by high-profile investment entities.

The freehold property at 17–21 Park Road, Miramar is a single‑level 255sqm retail building occupying a prominent corner site at the junction with Tahi Street.

Set on 438sqm Local Centre-zoned land, the property benefits from strong exposure to both vehicle and pedestrian traffic, and services a well-established residential catchment and local workforce.

The property is underpinned by businesses Green Door Dairy, One Sushi, and U.Mi Nail Spa & Massage. All tenants are on net leases with rights of renewal and scheduled rent reviews, and the property returns a combined net income of $106,086 plus GST per annum.

The northern tenancy, occupied by the beauty spa, has strong corner profile with an enclosed, covered outdoor courtyard. All tenancies have rear vehicle access via a driveway off Tahi Street. The building is constructed on concrete foundations with a mix of timber weatherboard and brick walls, wooden window joinery, and a corrugated iron roof with a timber parapet and a veranda extending over the footpath.

Each tenancy is serviced with their own toilet facilities, and two of the three tenancies have recently been refurbished by the current tenants.

Brokers Sarah Lyford and Grant Young of Bayleys Wellington Commercial are taking the property to auction on Thursday 21st May.

Miramar continues to attract robust demand from both occupiers and investors, fuelled by its airport adjacency, evolving film industry, and vibrant community. Park Road is firmly on the investment radar, with Sir Peter Jackson-backed WingNut PM advancing plans for a specialist veterinary hospital as part of a wider mixed-use development that reinforces its long-standing presence in the precinct.

“Miramar property always generates high volumes of enquiry, and occupiers are particularly active as evidenced by the multiple offers received when the One Sushi tenancy became available,” says Lyford.

“Investors will take confidence from the relatively-new lease profiles, with income risk naturally diversified across three established tenancies. Demand for suburban retail remains strong nationwide as the ‘shop local’ trend continues to reshape consumer behaviour, elevating this neighbourhood asset for buyers seeking resilient cashflow.”

The underlying land value further supports the long‑term investment case, with the single‑building structure on a prominent corner site providing future redevelopment options.

“The Local Centre zoning is flexible, enabling a mix of commercial, community and residential uses and benefits from a 22‑metre height overlay.

“This is a well‑balanced suburban investment offering income security, tenant diversity, and meaningful long‑term upside underpinned by strong land fundamentals.”

The surrounding amenity base including Roxy cinema, cafés, retail and services underpins consistent demand for convenience-based commercial premises. Miramar is internationally recognised as the centre of New Zealand’s film and creative industries, anchored by Wētā Workshop, Wētā FX, Stone Street Studios and a supporting ecosystem of production, postproduction and digital businesses.