Vacant and in-demand in Naenae
12 Horlor Street, Naenae, Lower Hutt. Sold on 27th July 2017.
- 393m² warehouse with showroom to the street and roller door access to the rear
- 5 onsite car parks
- 406m² land
- Sold with vacant possession
- Potential net income $39,725pa + GST
- Rateable Value - $490,000
• National Total Property marketing campaign with auction method of sale
• Sold under the hammer for $480,000
• 76 direct enquiries to agents
• Four bidders in the auction room
• 44 bids
• Sold to an investor beating out a potential owner-occupier
This Naenae industrial property with easy access to the motorway via the Kennedy Good bridge, proved popular with entry-level investors and owner-occupiers looking to secure a reasonably priced and well-located asset.
Vacant warehousing is in short supply across the Wellington region. In Lower Hutt, the market is tight in Seaview and Gracefield which is pushing demand north to Naenae.
The Horlor Street medium stud warehouse property has a ground floor showroom and offices above, with a council-owned service lane providing rear access via a motorised roller door and pedestrian entrance.
The property was recently assessed at 67% NBS, with only modest works required to achieve a 70% rating.
Agents Paul Cudby and Andrew Smith of Bayleys Wellington say the rateable values in the Naenae area are somewhat inconsistent and the price achieved was competitive with other recent sales, and above vendor expectations.
Auction is a reliable way of establishing market value where there is a willing seller and a willing buyer.
Owner exits the industrial property market as retirement beckons.
Vendor Peter Hamill had owned the Horlor Street land and buildings since 2002 and ran his air compressor service business from the property. He sold that business in 2008 with the new owner becoming the tenant and staying on in the building.
Having been a landlord for many years and with retirement plans, Peter spoke to a number of real estate agencies before choosing to market his property by auction with Bayleys – despite not having had any prior personal experience with the auction method.
“Paul and Andrew from Bayleys talked me through the benefits and I could see that with a shortage of available property in Naenae, auction would be the best way to get the top price,” says Peter.
“The property has been a good investment and once I decided to sell, it was a matter of just getting on with it.”
“Sure, it can be a bit nerve-wracking wondering if anyone will turn up to bid, but it turned out really well with a good price achieved and I felt confident that everyone had given it their best shot.”
Read more customer stories
Subscribe to receive the latest commercial news and insights from Bayleys Total Property