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Triple the opportunity in Rongotai

Monday 13 September 2010, 10:45AM

By Bayleys

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Tenders are being called for on three strategically-located properties in Kingsford Smith Street and Tirangi Road adjacent to the Wellington Airport Retail Park
Tenders are being called for on three strategically-located properties in Kingsford Smith Street and Tirangi Road adjacent to the Wellington Airport Retail Park Credit: Bayleys

WELLINGTON

Tenders are being called for on three strategically-located properties in Kingsford Smith Street and Tirangi Road adjacent to the Wellington Airport Retail Park with interested parties invited to pitch for the sites individually or as a total package.

Grant Young and Lee Cunningham of Bayleys Wellington say since the properties were launched to the market four days ago, enquiry levels have been strong reflecting the location, and the opportunity that these properties present.

“Key players in the large retail format market such as Kathmandu, The Warehouse, Dick Smith, Briscoes and Rebel Sport have already cemented themselves in this area, while a flagship Bunnings store is currently under construction. There is also a strong service industrial presence in the area with varied service providers co-existing with the bulk retail operations.

“Rongotai has edged away from its traditional industrial and manufacturing roots and is now seen as Wellington’s destination bulk retail location. The rise of the ‘one-stop-shop’ scenario close to the city is epitomised here.”

8 Kingsford Smith Street is a freehold single level industrial building with short term holding income from tenant Spartan Engineering who use the property primarily for warehousing. The building with a floor area of 1680sq m is currently configured into warehouse space, associated offices and amenities but lends itself to refurbishment to provide for bulk retail trade. Spartan Engineering will physically vacate the premises at the end of August 2010, however, are required to pay rental until the end of their lease in February 2011.

“This is an owner-occupier opportunity or an add-value proposition for an investor. It is not often that freehold properties come to the market in this location where you’re rubbing shoulders with influential large retailers,” says Mr Cunningham. 

Next door to this property and also freehold is 94 Tirangi Road which until recently was home to Mitre 10’s bulk store. This is a high-profile corner 2000sq m site with a low stud showroom and rear warehouse plus a sealed yard. It’s an easily accessible site with main frontage to Tirangi Road and secondary frontage to Kingsford Smith Street. 

“This property has brilliant profile and is ideal for refurbishment into large format retail or for use by a service based business wanting to take advantage of Bunnings being right around the corner.”

An investor in a position to buy both 8 Kingsford Smith Street and 94 Tirangi Road would secure an enviable freehold footprint and strategically be well-positioned to make a mark in this sought-after area.

The third property being offered for sale is 113 Tirangi Road which is a leasehold offering with high-profile large format retail neighbours and is well-placed to leverage off these stores which advertise heavily and attract strong patronage.

“This site formerly housed Mitre 10 Home and Trade for over 20 years and in its current configuration offers a retail showroom leading to a high stud warehouse, mezzanine offices, amenities and various storage buildings. There’s a generous yard and 20 car parks on-site. This building could be opened up to create a modern bulk retail store as it is directly adjacent to the popular Wellington Airport Retail Park,” says Mr Cunningham.

Tenders close on these three properties on 22 September.