A substantial industrial property that has been home to printing industry-related tenants for more than 40 years is for sale, with the underlying freehold site tipped as a landbank option for an investor.

The warehouse/office property at 33-43 Jackson Street, Petone occupies a prominent 1.18-hectare landholding with broad main frontage to Jackson Street and the buildings extending through to Hutt Road close to its intersection with Korokoro Road.

The comprehensive 7,705sqm warehousing component, comprising three adjoining gabled warehouses, canopied on one side for all-weather devanning, sits directly behind a 2,279sqm office building which includes staff amenities and mezzanine space. There is a 1,250sqm sealed yard with a total 76 car parks, some on the Hutt Road side where there is also a loading dock and rear roller door access to the warehousing.

Seismic upgrade works to the tenant’s requirements were completed in 2018, with the building having an assessment of more-than 67 percent new building standard (NBS).

Current tenant Blue Star Group has invested significantly in the property with a range of upgrades to equipment and associated fitout demonstrating its commitment to the site and ensuring that the property is fit-for-purpose to cater for a wide range of printing needs now and into the future.

Blue Star is New Zealand’s leading provider of marketing and multi-channel communication solutions, operating from 10 sites nationwide. It has evolved its capability and capacity in print-related manufacturing, print management, design, marketing communications, packaging, digital, and logistics fields.

A new nine-year lease is in place for the Petone property, with fixed rental increases throughout the lease term. The property currently returns net annual income of $1,310,000 plus GST, increasing to $1,434,000 plus GST in 2026.

Tenders close 21st May, with the sale handled by Fraser Press and Mark Hourigan, Bayleys Wellington Commercial.

The property is zoned Petone Commercial Activity, and the location is typified by large national retail tenants including Briscoes, The Warehouse, Kathmandu, PAK'nSAVE, and Woolworths on the Jackson Street side, and Kmart nearby on Hutt Road.

Press says Blue Star has cemented a long-term footprint in Petone making this a sound investment in a popular location.

“Investors will be encouraged by the solid tenant covenant, with Blue Star reconfiguring the internal layout of the buildings as they have flexed and pivoted their operational model.

“The site clearly works well for them, as it’s close to the motorway system for the logistics and distribution side of the business, and Petone has good public transport connectivity and offers a high level of amenity for staff.”

Leasing activity by big box retail operators has been strong in recent months, with Press saying a number of high-profile leases have been signed for large and prominent sites in Petone, with tenant announcements ahead.

“Petone has a strong destination retail mix of boutique, independent operators including hospitality along main Jackson Street, with a dedicated large format and trade precinct at the railway station end of the street which is where the Blue Star site is.

“With more than a hectare of flat land and dual access, arguably the site could have a higher and better use in the future, making the property a standout for landbankers looking to secure a stake in the suburb.”