NZ Post site could become apartments

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

Relevant offers

Commercial Property

Masterpet to lease large capital property Light shop space for sale Cassels eyes Chch block to trial prototypes Sewage pong is putting Petone shoppers off Old DomPost building on block Strengthening work rates relief welcomed Demand may see new CBD office Better standards needed for key buildings Hotel investments target rise in tourist numbers Superyacht complex on the market

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