The fully-tenanted two-level building on the high-profile 1,012-square metre corner site at the traffic light-controlled junction of old State Highway 1 – Amohia Street – and Kāpiti Road, sits opposite the BP Service Station, Mobil Service Station and Kāpiti Organic Landscaping and is close to Coastlands, the Kāpiti Expressway, and the rail network.
The freehold site just outside of the Paraparaumu CBD, has 620 square metres of existing commercial buildings originally dating back to the late-1950s with extensions made in the late-1960s, plus 20 on-site car parks with dual street access.
The property is home to a range of professional service providers and office businesses on varying lease terms, with tenants include Thames Publishing, Innov8, Kāpiti Coast Vape, The Cutting Bar, Functional Body Works, Right Choice Roofing and several lawyers.
Owned by a Wellington-based private investor for many years, the property generates a net income of $91,292 per annum plus GST and will be auctioned at 11am Thursday 9th December.
Bayleys Wellington Commercial salespeople said the site’s future redevelopment potential will appeal to buyers looking for opportunities to leverage off Paraparaumu’s growth fundamentals, and the wider Kāpiti Coast’s lifestyle and business credentials.
“A site of this size and in this location was always going to generate strong investor interest and the property does function well in its current guise as an established commercial hub,” said Mike Kuiper of Bayleys Wellington Commercial who is marketing the property with colleague Paul Adams.
“While acknowledging that a segment of the investor market will recognise the long-term benefits of a restrengthening programme to improve the 35 percent seismic rating and generally upgrading the buildings, the underlying Commercial Mixed-Use zoning is signalling real opportunity here.
“This zoning has inherent flexibility and provides multiple options for forward-thinking entities.”
Mike Kuiper said Council’s preference in the Commercial Mixed-Use zone tends to be for street-level retail with offices on the first floor then residential above.
“Interested parties should pursue the options presented by the site through the usual Council channels to ascertain best and highest allowable use in this part of town – bearing in mind that the region’s population is forecast to expand significantly in coming years and housing supply will need to grow accordingly.”
BERL Economics data shows the population of Kapiti is estimated to grow by around 30,000 people to 85,658 by 2050, requiring an additional 12,000 dwellings.
The Kāpiti Coast District Council has released its draft Growing Well plan and commenced a public consultation process to address the social, demographic, housing and commercial needs of Paraparaumu in response to the region’s expected growth over the next 30 years.
Under this draft plan, residential intensification is proposed within an 800-metre walkable catchment of the railway station which aligns with central government’s urban development policy statements.
Privately-owned property development company Gibbons Co. is currently constructing the 78-townhouse precinct Four Kapiti on a neighbouring site to the subject property, due for completion next year.