Bright prospects seen for Petone properties

Last updated 09:06 12/02/2013
Sydney St

CHANGE LOOMS: This industrial property is in a part of Petone that could soon be rezoned for residential and retail development.

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TWO industrial properties in the heart of Petone which could benefit from a proposed zoning change have been put up for sale by the owner of Protective Paints.

The properties at 29-35 Sydney St and 34 Fitzherbert St back on to each other. They are between Jackson St and the beach and are in a part of Petone that is subject to Hutt City Council's proposed district plan change 29.

The change would increase building heights in the area from 12 to 30 metres and permit residential or large box retail development.

Colliers agent Tim Julian said the Sydney St property was built in the 1980s and had three industrial tenancies, one of which is occupied by Protective Paints.

"The property offers numerous opportunities. The vendor [Protective Paints' owner Bryce Woods] will lease back one of the tenancies at a rental of $50,000 per annum or provide vacant possession to the entire building with a total floor area of 1311 square metres and 12 parking spaces.

"This is a relatively large property in Petone and offers an owner-occupier the opportunity to grow into the building over time. Inter tenancy walls are gib lined so easily removed."

Another option would be to fire rate the walls and sell the units separately.

The Sydney St property has a 2010 rating value of $1.8 million. The property at 34 Fitzherbert St, which has a rating value of $355,000, is a vacant lot.

Fellow agent Janette Lillas said the zone change could allow a live and work development, for which there is very little stock in Petone.

She knew of 70 new apartments at various stages of consent in Jackson St and this indicated interest in this vibrant area would continue to strengthen.

Julian said: "While perhaps not ripe for a full scale apartment development at present, this is ultimately the highest and best use for the site given the superb amenity value offered by the location.

"In the meantime the investor, developer or owner- occupier has an excellent industrial building in a suburb that just keeps getting more popular."

The properties will be auctioned on March 6.

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- The Dominion Post

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