Petone power play with scale

A substantial landholding in Wellington’s fastest‑growing commercial precinct is for sale, as a member-owned not‑for‑profit organisation realigns its property portfolio.

The partially tenanted property occupies a prominent 8,700sqm site at 40 Bouverie Street, Petone and benefits from dual north and west facing frontages, offering scale, flexibility and immediate value add potential for investors, developers and owner occupiers.

It is positioned within Petone’s well-established trade retail and industrial hub, sitting directly opposite Mitre 10 Mega on its northern frontage, diagonally opposite Gilmours Wellington, and facing the modern Imperial Park industrial development on its western boundary.

Zoned General Business, the land supports 3,684sqm of versatile improvements across four distinct buildings, providing a mix of showroom, warehouse, office and yard accommodation, supported by 55 on‑site car parks and 3,179sqm of yard area.

National operators Plumbing World and Humes Pipes anchor the property and provide reliable holding income, with current net annual income of $123,118 plus GST.

The Plumbing World tenancy capitalises on its prominent corner position with a contemporary showroom featuring near full-height glazing and strong street appeal, supported by well appointed staff areas. A clear-span, eight metre stud warehouse sits behind the showroom, supported by a secure storeroom, office space, roller door yard access and generous customer parking along Bouverie Street. Plumbing World’s current lease term commenced 1 June 2026, with two further three-year rights of renewal and a rent review to market in 2029.

The Humes Pipes tenancy comprises a 2006-built standalone purpose-built trade facility with its own secure sealed yard, offices, a kitchenette and a mezzanine level. The current three-year lease commenced 1st April 2024, has two further three-year rights of renewal to be exercised, and a CPI rent review next year.

Two additional tenancies are vacant, offering immediate upside through leasing, repositioning or owner occupation. A fully leased scenario is projected to generate circa-$842,800 net per annum plus GST and outgoings, depending on the mix of occupiers.

Vacant is the former Wright Technologies tenancy providing a versatile mix of mezzanine offices, ground-floor reception, workshop and high-stud warehouse space, while the former MPI tenancy offers a well-presented three-storey office building with lift access, contemporary fit-outs, flexible floorplates and an adjoining warehouse component. Together, they deliver a balanced combination of office, workshop and storage accommodation with practical amenities, on-site parking and rare yard access having appeal for a wide range of trade, service and commercial occupiers.

Paul Cudby and Ethan Hourigan of Bayleys Wellington Commercial are marketing the property, with tenders closing Wednesday, 24th June.

Add value investors, land-bankers and developers seeking a foothold in one of the region’s most active commercial corridors are expected to show interest, says Cudby who notes that sites of this size and versatility seldom surface in Petone.

“The combination of established income, vacant space, zoning flexibility, and a commanding corner position offers a persuasive case for future value creation, with the strong performance of the wider Petone market reinforced by the early success of neighbouring Imperial Park.

“This highlights the depth of occupier demand for commercial and industrial space in the immediate area, with the flexible General Business zoning allowing the site to evolve with tenant needs.

“There’s immediate upside from leasing the vacant tenancies, with further growth to be unlocked from the currently under-rented existing tenancies.”