Wellington, 7 June 2014 – A major developable site in a strategic freehold location close to Petone shopping precinct, community area and foreshore has come up for sale at Datam House, 15 Victoria Street, Petone.
The 1.7165 hectare site with more than 11,000sqm of buildings is being marketed by Ryan Johnson, John McKenzie and Brent Ringrose of CBRE on behalf of Century City Ventures Ltd in Receivership.
The property is for sale by tender, closing 4pm Tuesday 8 July 2014.
Ryan Johnson, Managing Director of CBRE in Wellington, says that the option also exists to purchase the neighbouring property, IBM House at 25 Victoria Street.
“This would give the purchaser more than 3.1 hectares of land, which is a rarely available opportunity: a developer’s dream. The potential options for this property are significant, particularly as Hutt City Council’s District Plan change 29 means that properties in this area, 15 Victoria Street included, have a been given a greater range of possible uses.”
“Increasing maximum building height to 30 metres has enabled a number of new subdivision options to be considered for this location, including the opportunity to convert the property to retail. The major tenant, Datamail is vacating in September 2014 which will offer up 7,972sqm of warehouse and office space to the market. The expiry of Datamail will provide an opportunity for a developer to look at a range of options including retail given its close proximity to many national retailers in the area.”
Originally constructed in 1984 for IBM, Datam House is effectively made up of five buildings: three low-level office buildings, a plant room and a high stud warehouse. 281 car parking spaces are also provided on site.
John McKenzie, CBRE Private Client Group Broker, says that the property is 100% leased at present. “Tenants currently comprise a mix of government, local government and private occupiers – including Spotless, NZ Police, Capacity Infrastructure Services and Datamail - across a total net lettable area of 11,498sqm, all of which provides a current net annual income of $1,850,879.”
Brent Ringrose says that the property is situated a short stroll from Petone’s Jackson Street Retail precinct and the Petone foreshore. “This property has genuine tenant appeal due to its fantastic location. Close to transport with the Petone Rail Station 400 metres away and SH2 a minute’s drive, the property occupies a high profile site of across from the Petone foreshore, very attractive for offering staff all local amenities.
“The area the building sits in has also just been rezoned by the Hutt City Council zone change 29, to the District Plan. These changes will lead to an increase in development nearby, and should have a positive effect on the demand and price on the property.
“Petone continues to emerge and develop into one of Wellington’s preferred boutique retail, residential, café and restaurant locations. The suburb benefits directly from its central location, ease of accessibility, close proximity to the waterfront, and character architecture have become an irresistible draw card to both residential and commercial occupiers, investors and developers equally.”
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.