REAL ESTATE

16a Shakespeare Avenue 16a Shakespeare Avenue CREDIT: Bayleys

Investor alert Upper Hutt opportunity

Tuesday 13 October 2009, 11:28AM
By Bayleys
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UPPER HUTT

A multi-use industrial/residential property - ideal for owner-occupiers - is up for tender as the existing owners are downsizing and retiring.

Fraser Press and Paul Cudby of Bayleys Wellington are handling the sale of 16 A Shakespeare Avenue, Upper Hutt which, for the last 10 years, has been the business base for Eagles Caravans.

The property is in the Whakatiki industrial precinct - a preferred industrial area given its proximity to State Highway 2 - and has been an ideal location for the current owners to operate their caravan sales and holding yard.

They have also lived on-site as the 400sq m modern main building is configured as half residential and half office space.

“This is a really versatile property which offers up a number of possibilities for an owner-occupier or alternatively, for a sharp investor who recognises the value of this industrial precinct – and particularly, can see the scope that this 4402sq m land-holding offers,” says Mr Press.

Behind the office/residence is a medium stud height, portal frame 115sq m warehouse clad in corrugated iron with low stud panel door access to the south side.

A generous concreted forecourt fronts on to Shakespeare Avenue with an additional 2000sq m of chip-sealed yard area adjacent to the warehouse.

A further separate yard of 1300sq m is currently leased to a long term tenant.

“Having a lease in place for part of the land provides a supplementary income for a new owner and given the layout of the property, this operation is detached from the main office and warehouse area so it’s a seamless arrangement,” says Mr Press, adding that the property is securely-fenced.

Given the prime Upper Hutt location, the property lends itself to a head office operation, a depot, or holding yard as other properties in the general area tend to be focussed around light manufacturing, storage and lockups.

Investors should note that based on current market rentals in the Upper Hutt area, the property has a potential net income of $60,000-$70,000 per annum.

Tenders on 16 A Shakespeare Avenue, Upper Hutt close on 28 October and the owners would consider trading for a residential or vacation property as part of the tender process.