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Real Estate Investar Blog

Property opposite Lower Hutt mall put on the market

A retail property which neighbours Queensgate Shopping Centre is for sale for the first time in 10 years.

Two buildings, on the corner of Knights Rd and Bunny St in Lower Hutt, is owned by a syndicate managed by Augusta Funds Management.

It is home to the largest Noel Leeming store in Wellington, as well as Warehouse Stationery and Curtain Studio.

The buildings, which sit on a 3846 square metre site, are adjacent to the Queensgate mall. The rateable value (RV) of the property is $6.98 million.

"With Queensgate back on an even keel after last year's earthquake and the recent addition of H&M to its retail line-up, this is a busy part of the Hutt," Bayleys Wellington agent Grant Young said.

Seismic strengthening to 80 per cent of new building standard had just been completed on the Knights Rd property, which was reassuring for tenants and insurers, he said.

It was an easily-managed property which would appeal to an investor, or even another syndicator, Young said.

"KCL Property (now part of Augusta) acquired it in 2005 and Augusta Funds Management is known for being very selective about the properties they add to their portfolio, so that's encouraging for a new owner."

The ease of access and good parking, which includes 26 car parks, were major drawcards for the Knights Rd property, Young said.

The property has a net income of $760,440.

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