The site housing a prominent Porirua vehicle sales and service hub is up for sale with the prospect of a substantial income upshift for investors.

The versatile property of more than 2,300 square metres sits with exceptional street exposure on busy Kenepuru Drive. It is fully leased to mechanical workshop business North City Motors and car dealer North City Cars & Commercials.

The two tenancies currently generate a combined net rental return of $122,100 plus outgoings and GST per annum. A recent market appraisal has flagged significant future rental upside, with the potential to lift the net annual return to more than $200,000.

The current leases expire in March 2025, with a market rent review due for each tenancy upon renewal of the lease. Each lease provides for two further three-year rights of renewal.

Family-run vehicle repair and services tenant North City Motors has been operating from the Kenepuru Drive premises since the late 1990s. It serves motorists across a wide area from Johnsonville to Pukerua Bay.

Established over a decade ago, North City Cars & Commercials is a registered trader of new and used cars and light commercial vehicles, with services including trade-ins, finance options and online orders.

The freehold property at 45 Kenepuru Drive, Kenepuru, Porirua, is being offered for sale through Simon Butler and Ethan Hourigan of Bayleys Wellington Commercial.

It will be sold by way of a tender closing on Wednesday 11 September.

Butler said the buildings of approximately 1,342 square metres sat on some 2,348 square metres of Industrial-zoned land, with 20 car parks.

“Constructed in the mid-1960s, this conventional warehouse/workshop building has been subdivided into two similar sized tenancies with stud heights of 3.8 to 5.8 metres.

“Each tenancy contains a warehouse plus offices, including a reception area with kitchen and bathroom amenities. The versatile dual-tenancy configuration enables flexibility for various business operations and combinations of tenants,” Butler said.

The building is accompanied by approximately 1,000 square metres of sealed yard, currently divided by an intertenancy fence.

Hourigan said the property presented an outstanding opportunity for investors and businesses seeking a prominent presence in a strategic location with substantial potential income upside.

“Kenepuru Drive is a busy thoroughfare connecting Porirua’s CBD to the major commercial areas of Kenepuru and Broken Hill. It is known for its high demand and strong commercial appeal, so this is a prime location for investors to attract and retain tenants.

“This key arterial is home to a wide range of large commercial and trade retail businesses, with notable neighbours including Carters, Moore Wilson’s and Plumbing World,” Hourigan said.

The site for sale benefits from excellent logistics access, sitting about 200 metres from the new Kenepuru Interchange for the Transmission Gully Motorway.

It offers convenient connections across the Wellington Region, being within approximately 20 minutes’ drive of Wellington’s CBD, the Hutt Valley and Kapiti Coast.

Click here for more information on the listing.