Winning warehouse in well-connected suburb

A well-maintained and functional warehouse is for sale in a Lower Hutt precinct described by agents as the valley’s “quiet achiever”, with options for investors and forward-thinking owner-occupiers.

Located in Peterkin Street, Wingate, in a niche industrial enclave that meets with one of the Hutt Valleys’ main arterials Eastern Hutt Road at either end, the property has around 1,450sqm of versatile warehousing with incorporated office space and staff amenities on a 2,242sqm site. There is drive-in access via a recessed driveway, with a 229sqm yard and parking at the front of the property.

Originally part of the wider yarn manufacturers’ Woolyarns site, the circa-1960s building was recently reroofed and the tenant has completed refurbishment works, including new office, cafeteria, amenities and workrooms, along with installation of new windows.

It is occupied by event equipment supplier Exhibition Hire Services Limited, a New Zealand owned company that is part of Coast Group, a collection of businesses providing a one-stop shop for event infrastructure in New Zealand, with other branches in Auckland, Hamilton and Christchurch.

Exhibition Hire Services has occupied the site since 2018, and has two years remaining on its existing lease. The property returns annual net income of $155,077 plus GST.

Ethan Hourigan and Fraser Press of Bayleys Wellington Commercial are taking 16 Peterkin Street, Wingate to tender closing Wednesday 29th October.

The Wingate industrial precinct just south of Naenae has gained momentum, with Hourigan saying it more than holds its own in the Hutt Valley’s industrial property landscape despite flying under the radar.

“There’s a very limited supply of industrial property in Wingate and as a precinct, it has become more desirable over time. Rental rates have increased to the point where it’s effectively caught up with the likes of Gracefield and Seaview.

“You could argue that it’s an even better location than those high-flyer industrial suburbs, given its relative ease of access.”

While the current lease has just a couple of years remaining, Hourigan says an investor could take confidence from the fact that there is rarely any vacancy in the Wingate precinct.

“There are some very well-established businesses in the area, very little churn of space, and any vacancy is snapped up quickly.

“It’s a versatile building and is suitably sized for a broad range of occupiers including distribution, storage, and manufacturing.

“Alternatively, it could be the perfect long-term play for an owner-occupier with an eye to the future. They could take the income for the remainder of the lease, while staging a move to the property down the line.”

Neighbouring businesses in the Wingate area include Harvey Norman Distribution, Bostik, Carters Manufacturing, Seymour Distributors, Moore Wilsons, and Fraser Engineering.