Petone Industrial Asset Delivers Locked-In Returns

A well-presented, fully leased industrial asset in Petone’s high-performing commercial precinct is being offered for sale by auction, giving investors access to a property underpinned by strong fundamentals, secure income and long-term tenant stability.

Zoned General Business, 60 Fitzherbert Street is expected to generate strong interest from investors seeking to establish a foothold or expand an existing portfolio in one of Wellington’s most tightly held commercial hubs.

The property comprises a versatile 1,156sqm single storey industrial building on a substantial 1,485sqm freehold site, with improvements including a clear-span warehouse, office and showroom accommodation, dual street frontage, generous yard space and 13 on-site car parks. A recent seismic assessment of 70 percent NBS reinforces occupier confidence and supports long-term asset value.

The property has good connectivity to Jackson Street, State Highway 2, the Wellington CBD, the airport and the wider region, with Petone’s convenient location a key factor in its continued evolution as a premier commercial, retail and lifestyle destination.

The property has a new six-year lease, commencing in October 2026, to a long-standing tenant that also occupies neighbouring buildings and has significant investment in the area.

The lease returns net annual income of $230,000 plus GST and is structured on full net terms with fixed annual increases of 2.5 percent, providing investors with predictable income growth.

The property is being marketed for sale by Fraser Press and Oliver Hourigan of Bayleys Wellington Commercial, and it will be auctioned on Thursday 10th September.

Press says the investment fundamentals stack up, and the new lease provides meaningful stability.

“Fully leased industrial assets are not commonly brought to the market in Petone, with buildings typically sold with vacant possession, which makes this offering stand out.

“Investors recognise the strength of stable income in this location and the new six-year lease with fixed annual increases gives purchasers confidence in both the tenant covenant and the long-term performance of the property.”

Press says the broader precinct continues to strengthen supported by destination retailers, strong transport links and ongoing gentrification.

“This property sits in one of the most accessible and high-performing industrial pockets in the Wellington region. There are a number of longstanding businesses in this area, and the fact that the incoming tenant is growing its footprint in the precinct underscores the viability of the location.

“Additionally, the General Business zoning provides broad flexibility across light industrial, warehousing, storage, trade sales, car yards and technical workshops, supported by a generous 22-metre height overlay that enhances the long-term development potential of the site over time.”