Lights, camera, action for Miramar warehouse

Lights, camera, action for Miramar warehouse

134 Park Road, Miramar, Wellington. Sold on 31st August 2017.

The Property
- 743m² high stud, clear span warehouse building with mezzanine storage
- Roller doors to the front and goods access from the rear service lane
- 650m² land
- Potential annual net rental $65,000 + GST
- Rateable Value - $710,000
Quick Look
- National Total Property marketing campaign with auction method of sale
- Sold under the hammer for $1,130,000
- More than 100 direct enquiries to agents
- 10 active bidders in the auction room/ participating via phone
- 47 bids recorded
- Sold to a local investor, beating several potential owner-occupiers and other investors

The Story

The Wellington suburb of Miramar has become a destination commercial/industrial precinct thanks largely to the significant property footprint of Sir Peter Jackson’s film empire.

The warehouse property at 134 Park Road is located opposite Jackson’s world-renowned Park Road Post Production facility and within a recognised film production hub.

Bayleys Wellington agent Andrew Smith, says while he was quietly confident the property would resonate with investors and owner-occupiers given the tightly-held location, he was blown away by the enquiry and interest it actually generated.

“The property got great media coverage and the phones kept ringing with enquiry from a wide range of add-value and pure investors, plus motivated owner-occupiers who wanted to snap up a piece of the Miramar property pie,” says Smith.

After a spirited auction under the gavel of Bayleys’ commercial auctioneer Richard Valintine, the final bid went the way of a Wellington-based investor.

Vendor Comment

A change of direction for the vendors brings a happy ending.

The Davidow family purchased the Park Road property at auction through Bayleys some years ago and it became the base for their successful homewares business.

Emily Davidow says when it came time to sell, they were keen on auction from the outset.

“It brings all the potential buyers together at one time and place (plus phone buyers) and I believe it gives the best chance to reach the highest price through an intense, but finite, campaign ending with a definitive answer from the market,” says Emily.

Emily praises Bayleys’ for their efforts in making sure the market knew about the property.

“A Dominion Post article facilitated by Bayleys drew international attention and increased excitement around the property and the auction,” she says.

“Andrew Smith knew the property inside and out and was quick to communicate what was happening throughout the process.”

Emily was confident that a good price would be achieved by proceeding through to auction day, despite receiving a favourable early pre-auction offer.

“There's always nervy excitement as the auction unfolds, though! The results exceeded expectations, and we left very happy.”

“There was definitely an emotional component to the sale. Our plans and dreams have changed, and the building is no longer needed – but I still wanted to end the chapter well.”

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