The Property

• Industrial warehousing property at the end of a quiet industrial cul-de-sac in the tightly-held Grenada North precinct

• Marketed as an add-value or owner-occupier opportunity

• Comprising 1,200sqm of warehouse with multiple roller doors, plus offices and yard with 15 car parks

• Total floor area of around 1,675sqm

• Land area 2,869sqm

• Zoned Business 2

Quick Look

• National Total Property tender marketing campaign was booked

• Interest generated via Bayleys’ databases and direct client contact

• Sold prior to the launch of Total Property via a multi-offer process

• SOLD unconditionally for $1,600,000

• Purchased by an owner-occupier in the construction sector

The Story

When approached by the vendors to find a suitable tenant to take up a sub-lease opportunity created by a vacating occupier, Fraser Press and Simon Butler of Bayleys Wellington Commercial commenced a campaign to unearth a tenant to lease the property.

But with industrial opportunities for sale still in short supply in the Wellington region, Press says they soon realised that selling the property could be the optimal solution for their client.

“We had good interest from both add-value investors and proactive owner-occupiers looking to secure a presence in this proven and well-located hub, so we pivoted the campaign. “Opportunities like this are scarce in Grenada North and with the building having flexibility to suit a number of business operations, we received multiple offers from interested buyers.

“The successful offer saw an unconditional sale, with a delayed settlement of 12 months, and the construction-sector buyer leasing the property from the vendors until that time.” Press says this transaction is a good example of Bayleys’ solution-focused commercial and industrial business, and of strong client relationships founded on trust and track record.

Vendor Comment

Vendor Stuart Brooker says previous experience dealing with Fraser Press cemented the decision to sell the property through Bayleys.

Having owned the property through a family trust since 2011, a vacating tenant ultimately made it the logical time to sell the building, says Stuart.

“The initial plan was to re-lease the property and we went down that path first. But there was genuine and strong interest from prospective buyers before it was even advertised for sale so offers were encouraged.

“Having worked with Fraser before, we were confident that he would get the best result for us in the current market, and we were very pleased to have achieved a satisfactory result.”