Warehouse opportunity in Ngauranga

A large warehouse and office complex located in the heart of Ngauranga is being sold by tender through Bayleys giving owner-occupiers or investors the opportunity to secure premises in an established and convenient Wellington industrial location.

Constructed in 1985 for printer and paper merchants Williamson and Jeffrey Limited, and most recently occupied by The Warehouse as a distribution base, the property at 9-15 Glover Street, Ngauranga is being marketed by Fraser Press and Grant Young of Bayleys Wellington.

The Ngauranga precinct is widely-accepted as being the preferred base location for bulk retailers, showroom facilities, distributors and service providers and demand is particularly consistent for small to medium-sized properties.

“This property is ideally located for businesses needing to service the three key cities of Wellington, Porirua and Lower Hutt and because of this, lends itself to a distribution operation,” says Mr Press.

Comprising 1342sq m of warehousing, an office and showroom area with a total area of 551sq m and 10 on site car parks, the property has drive-in access from Glover Street and is easily accessible from Hutt Road and the Ngauranga interchange.

The warehouse has full length roller doors and is divided into two parts, the original section and a clear span extension that was built around 10 years ago providing a higher stud of approximately six metres. The entire warehouse is fitted with sprinklers.

The ground floor office and showroom area of approximately 207sq m fronts on to Glover Street with an additional 344sq m of office space located above this. Both areas have separate access. The upstairs office area is of medium stud height with a mixture of open plan and individual offices.

The property is being sold with vacant possession and a potential net income in its current configuration of approximately $168,640.

“There is the potential to add value to the property through refurbishing, splitting the space and forming new leases, however, the property is currently well set up to accommodate a medium-sized operation in a functional and efficient way,” says Mr Press.

“Ngauranga is perceived as being an expensive area to secure property in given the rents achieved and high building prices. However, I believe this property will represent extremely good value-for-money based on a per square metre rate when tenders close on 24 June.”