The release of an initial 32 freehold units within the proposed 60-unit Tākapu Rise development in William Earp Place, near the Grenada interchange adjacent to State Highway 1, has been met with enthusiasm by the market.
With deposits from $36,800, early commitments have already seen four units sold, ten are currently under contract, and a further six are under offer or on hold for interested parties.
Tākapu Rise is being spearheaded and driven by successful Wellington developers Rosco Industrial, who bring 40 years of industry experience within the Hutt Valley, the greater Wellington area and beyond, to this new project which is due for completion mid-2022.
The development is being undertaken by the proven team behind the successful and established Silverstream Industrial Park, the Grenada and Gracefield Business Parks and the fresh-to-the-market Imperial Park development on the site of the former Imperial Tobacco Company in Petone.
The sales team behind the Imperial Park development, which is now 90 percent sold down from the plans – Bhakti Mistry, Fraser Press and Ethan Hourigan of Bayleys Wellington Commercial – are marketing Tākapu Rise.
The units are being sold with fixed prices ranging from $368,000 - $899,000 plus GST (if any) and the development is due for completion mid-2022.
Mistry said Tākapu Rise will offer the investment and owner-occupier market a sought-after foothold in the Wellington region’s industrial sector.
“In the current environment with low interest rates and negligible bank returns on cash deposits, an investment property is making sound sense.
“In the wake of pandemic-induced structural change in the employment market, we’re noting more self-employed people wanting to secure their futures with a business premises that they have tangible control over.
“Meanwhile, investors need somewhere to put their dollars to realise a decent return on investment and the industrial market continues to outrun other property sectors in this regard.”
The freehold units on offer at Tākapu Rise have been designed by Wellington-based Bonnifait-Giesen Architects, and range in size from an entry-level 46sqm through to 117sqm with roller door or fixed glass panel frontage options. Stud heights range from 5.4 – 8-metres.
The fitout includes a bathroom and there’s inherent flexibility and capability to customise and include kitchenettes and mezzanines. The site will be fully-landscaped, have a sophisticated security system and there will be two exclusive car parks per unit.
Construction will comprise concrete slab with steel studs, pre-cast concrete panels and profiled metal cladding to the exterior, and aluminium joinery. Each unit will have a section of translucent roofing to allow natural light in.
Mistry said the units will provide a mix of service retail, office and industrial workspaces and it is likely that demand will quickly outstrip supply in this popular location.
“There’s tangible evidence that the northern suburbs embrace this style of development with the entrenched success of the established Grenada Business Park by the same developer.
“We are noting a big increase in enquiry from new commercial property investors who are disillusioned with bank deposit returns and deterred by the compliance thresholds and hurdles of the residential investment market.
“A freehold, purpose-built property with strong tenant appeal stacks up well with financiers from a lending perspective – particularly for the entry-level units.
“There’s also the storage potential for these units – either for household/recreational items or for business stock held off-site.”
The pivotal location of Tākapu Rise allows easy access to both the northern and southern motorway links. It is just minutes from Johnsonville, 10 minutes from Wellington CBD, 15 minutes to the Hutt Valley, and 20 minutes (off-peak) to the airport.