Two commercial/industrial properties in Wellington’s revered film industry precinct have been placed on the market for sale and are expected to hit the right note with buyers looking for well-located assets with solid underlying credentials in the eastern suburbs.
Park Road, Miramar has an established reputation as being the home of New Zealand’s film industry given the presence of Peter Jackson’s Park Road Post Production facility and Weta Workshop-related facilities.
Commercial and industrial assets in this precinct are hotly-contested and have seen significant capital gains year-on-year as Miramar has morphed from a largely-industrial hub to a more cosmopolitan precinct.
The only bespoke purpose-built commercial office asset in Miramar, at 129 Park Road, is being marketed by Baha Mabruk and Luke Kershaw of Bayleys Wellington Commercial and will be sold by tender closing 4pm, December 2.
Built in 2013, the freehold four-level building offers premium office accommodation and is fully-tenanted.
It returns a net income of $493,917 plus GST per annum from nine tenancies with businesses including environmental monitoring service Wilderlab, film industry luminaries Weta Digital and Weta Workshop, the Lost Cosmonauts animation studio and the building surveying company, Helfen.
Zoned industrial/Business 1 and on a 484sqm site, the building’s main lobby access is off Park Road and there’s 1,631sqm of lettable space with each of the four levels having its own kitchen, bathroom amenities and break-out areas.
The property has reinforced concrete foundations, full steel frame and HiBond composite steel flooring throughout. Sawtooth-style Colorsteel exterior cladding gives a nod to the suburb’s industrial roots.
The property was built to the current New Zealand Building Code requirements and enjoys good natural light.
Mabruk says the property is owned by well-known Wellington businessman Thomas Wutzler who is proactive in the area of high performance building development and compliance. He is also the chair of Enterprise Miramar Peninsula Inc. (or Miramar BID) which advocates for Miramar’s economic and community interests.
“Our client developed the property and via his business interest in building surveying company Helfen, remains committed to the site as a tenant through until 2027,” explains Mabruk.
Weta Digital and Weta workshop have occupied space in this development for nearly five years and have undertaken significant fitouts.
Mabruk says creativity and innovation is a common theme among the tenant businesses and this reflects the forward-thinking nature of the building.
“Miramar is home to creative wizardry and digital production of an absolute global standard, and I feel nowhere else in the country has such a high concentration of genius.
“Clever tenants are attracted to this high-quality building and I believe Wutzler has added huge value to the Miramar peninsula through this property.
“The wider neighbourhood also demonstrates innovation with caterers The Food Lab by the leading hospitality operators of Charley Noble based here along with Double Vision craft brewery and eateries like The French Larder café, Park Kitchen Restaurant, Bon Gusto Roma Bistro and CoCo at The Roxy.”
Also for sale separately is 138 Park Road, a freehold warehouse/workshop property that will be sold with vacant possession by auction on December 3.
It, too, is zoned industrial/Business and is also being marketed by Mabruk, who says its owner is relocating to Australia to be closer to family.
It has been occupied by a specialist transmission company and Mabruk says the site has connections to New Zealand’s candle-making industry.
“There was a candle factory here associated with the Shell Oil Group which had quite a presence in the Miramar area.
“The property is inherently flexible and offers an exciting entry into the Miramar precinct for a savvy owner-occupier looking to take control of its property future – or for an investor who also recognises the strategic locational advantages of the Park Road address.”
The site is 566sqm and the two-bay warehouse/workshop with high steel sliding doors at the front of the building, offers 334sqm of space including an office to the front of the property, a mezzanine with staff amenities to the rear and five car parks.
The property has an assessed potential annual net income of $75,000 plus GST.
“This low maintenance steel-clad building could potentially be split into two individual tenancies which provides food-for-thought for a new owner looking to optimise returns,” says Mabruk, who has completed more than 20 commercial/industrial property transactions in Miramar in the last 18 months.
This includes being instrumental in the sale of the retail investment property at 1 Park Road for $3,500,000 to Hokotehi Moriori Trust from Rēkohu (Chatham Islands).