Exercise investment muscle with Petone unit

Owner-occupiers and investors looking for a well-located affordable industrial building close to transport links in a high amenity area are homing in on a Petone property that has just hit the market.

Currently offering holding income from a gym operator on a month-by-month tenancy agreement, the 354.6sqm unit at 120 Hutt Road, Petone is now surplus to owner requirements.

The property comprises a single-level low-medium stud showroom, office and warehouse, with a substantial mezzanine designed for additional storage that has been partially fitted-out by the current tenant. There is roller door access to the warehouse component, and three on-site car parks to the front of the building.

Gym business Envy Fitness Studio is in occupation on a periodic tenancy, but vacant possession is available, with the property having an assessed potential annual net rental of $61,157 plus GST.

The zoning is General Business, a favourable overlay with a generous 22-metre height limit that allows light industrial, warehousing, storage, trade sales, car yards, and technical workshop uses.

The property is situated on the east side of Hutt Road, just south of its intersection with Regent Street, and will be auctioned on Thursday 21st May, with Paul Cudby and Oliver Hourigan of Bayleys Wellington Commercial spearheading the campaign.

It offers a compelling opportunity for both owner‑occupiers and investors looking to secure a position in Petone where quality stock is scarce and demand generally outstrips supply, says Cudby.

“This is a no-frills but highly functional offering with the medium‑stud warehouse delivering efficient storage and operational versatility, while the adjoining showroom and office provide a professional customer‑facing presence suited to a wide range of commercial uses.

“The three on‑site car parks enhance day‑to‑day efficiency, and the high‑profile location benefits from strong passing traffic and seamless access to key transport routes.

“For investors, this combination of profile, practicality, and location underpins long‑term tenant appeal, while for occupiers, it represents a rare chance to anchor a business in one of Wellington’s most resilient industrial precincts.”

Suitable for its current use as a gym, or for tradespeople, contractors, or small wholesalers, the well-balanced property has accessibility and affordability on its side. With buyers seeing value in the Petone market, as evidenced by a number of recent sales including the adjacent building, Cudby expects good activity on auction day.

“I’d describe the Petone industrial market as buoyant, and for smaller businesses, this location has a lot going for it. There’s massive profile to passing traffic on busy Hutt Road close to Kmart, it’s a popular size with a good parking ratio, and the flexible zoning allows a broad variety of industries and professions.

“It’s also close to the Jackson Street retail and hospitality strip, and to substantial destination retailers including PAK‘nSAVE, Woolworths, Bunnings Warehouse, The Warehouse, Mitre 10 Mega, Kathmandu, Briscoes, Rebel Sport, and Bargain Chemist.”

Key drivers to Petone’s ascendency as one of the Wellington region’s most in-demand suburbs is its centrality, connectivity, and continued gentrification. Petone is well-supported by buses servicing both Wellington City and Lower Hutt, and Petone Station is located at the western end of Jackson Street around 500 metres from the subject property, featuring significant park and ride facilities.