Total Property -
15 inspections, four tenders received and purchase by Hutt Valley business owner for $1,175,790 38-40 Burden Avenue, Wainuiomata, Lower Hutt
The Property • Well-presented fully tenanted high stud warehouse with multiple access points, ground floor office/secure storage, 3bedroom apartment and an office/2bedroom apartment • Land Area 1,619sqm (more or less) • Floor Area 756sqm (approximately) • Generous yard space • Net rental of $82,126 per annum plus GST, with head lease held and underwritten by the vendor at time of sale • Seismic rating 70% NBS at settlement • Zoned General Business
Quick Look • National Total Property marketing campaign – by tender • Interest generated via Bayleys’ databases, Total Property magazine, Dominion Post, digital platforms • 15 inspections • Four tenders received; two were unconditional • SOLD for $1,175,790 • Yield of 6.98% • Purchased by a Hutt Valley business owner-occupier looking to expand operations
The Story This versatile mixed-use property in the evolving Lower Hutt suburb of Wainuiomata resonated with buyers when taken through a tender campaign by Andrew Smith and Oliver Hourigan of Bayleys Wellington Commercial.
Located in the older part of Wainuiomata, in a pocket of industrial property within a largely residential area, the 1980s warehouse property has the added benefit of onsite accommodation which prospective buyers took a shine to.
“The property had a unique live-work element to it and for the successful buyer, this was a huge attraction,” says Andrew.
“Initially, we thought the property would perhaps appeal most to a local looking for hobby or storage space for their own use, supplemented by income from various tenants.
“But ultimately, it drew owner-occupiers out of the woodwork, and it was a win-win for our vendor and the winning tenderer.”
Andrew said the depth of the market and the quality of the enquiry received “blew him away”.
“The owner-occupier market is very active as business operators look to secure their future and have control over their premises.
“This was the sort of property that isn’t easy to replicate anywhere else and it was also heartening to see first-hand the affinity people have with Wainuiomata.
“In terms of the wider Wellington industrial market, this was definitely a good buy for the new owner.”
Vendor Comment Vendor Trevor Faulknor said a word-of-mouth recommendation from a business client led him to Bayleys’ agent Andrew Smith and he is pleased he took that advice.
A planned move to the Horowhenua prompted the sale of the Wainuiomata property, which has served as business premises and an income stream for Trevor for some years.
He opted to sell through Bayleys after a client he had done building work for vouched for Andrew Smith’s market nous and track record.
“I found Andrew to be extremely professional and I felt safe because I trusted his judgement and experience,” said Trevor.
“The process was very transparent, with weekly written updates keeping me informed of how the campaign was going.”
Trevor said Andrew’s personal industry contacts, including with a structural engineer, were of value during the process and he was happy with the final outcome.
“I believe I got a fair price in today’s uncertain market.”