NZ Post site could become apartments

ALEX FENSOME
Last updated 13:14 12/02/2014

Relevant offers

Commercial Property

Andrew Coleman: Capturing a city's story through its heritage buildings Green light for targeted rates for Tawa businesses to help improve the area Molesworth St demolition video: Changing Wellington skyline shown in month-long timelapse First section of quake-damaged Wellington Reading car park demolished 'Big Bertha' crane moves in for Reading Cinema car park demolition Wellington City Council puts affordable and social housing on urgent agenda Wellington jewellers Stewart Dawsons gone from the corner they have occupied for 116 years Extension of employee subsidy a 'relief' for cordoned businesses Tory St cordon extended for demolition job New photos from Statistics New Zealand's quake-hit head office released

The giant New Zealand Post processing centre in Petone will be sold, and could be redeveloped into a store or apartment complex.

The imminent closure of the processing centre was announced last year with the loss of 163 jobs as NZ Post intended to move operations to Auckland, Christchurch and Palmerston North.

The 2.3-hectare site at 47 The Esplanade, including a 1.3ha building, has a rateable value of more than $15 million and is for tender with Bayleys Real Estate.

The buyer would have NZ Post as a tenant on a leaseback deal until August next year, with a right of renewal expiring in February 2016.

However, NZ Post spokesman Richard Trow said it was planning to move away from the building.

"We are currently investigating leasing a smaller site in the Lower Hutt or Petone area for some of the New Zealand Post businesses that operate at the site. The current intention is to vacate the site at the end of the leaseback."

Bayleys agent Grant Young said the site was perfect for a large retail operation or a new residential development due to its seafront location and flexible zoning.

A "big box" style store such as a Mitre 10 or similar was a potential option, contributing to the development of a retail precinct.

As a large area of flat land it could also become an apartment complex, but whether the market existed for it in Petone had not been proven.

Tenders close on March 5.

Ad Feedback

- The Dominion Post

Comments

Special offers
Opinion poll

Do you rent or own your home?

Rent alone

Rent with others

Own with mortgage

Own freehold

Vote Result

Related story: $1m-plus in unclaimed bonds

Featured Promotions

Sponsored Content