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Site for sale opens way for new entrant on vibrant Jackson Street

Petone’s vibrant Jackson Street commercial strip awaits its next major entrant as a high-profile premises goes up for sale.

The imposing corner property for sale at 265-279 Jackson Street sits amid one of Wellington’s foremost hives of food, hospitality and boutique and destination shopping.

The property is being offered to buyers with vacant possession, except for a remaining ATM which will provide ongoing lease income.

Bayleys salesperson Paul Cudby said this gave a new owner the freedom to “dream, design and bring their own business or investment vision to life”.

“With around 40 metres of frontage to Jackson Street and a further 20 metres on Buick Street, this is one of the most commanding sites in Petone.

“The potential is there to use the existing building and its imposing profile to create a bustling retail haven appealing to passersby on Petone’s busy magic mile.

“It stands ready to be occupied by a single tenant or owner-occupier, creating a substantial addition to the colourful commercial streetscape. Alternatively, the layout is such that it could easily be split into multiple tenancies, contributing further to the vibrancy of activities and diversifying income streams for new owners.

“The prime location, generous landholding and allowable height limit mean there are also exciting development possibilities to be explored – potentially in the form of a comprehensive retail and apartment complex,” Cudby said.

The freehold land and buildings at 265-279 Jackson Street, Petone, are being offered for sale through Cudby and Bayleys colleagues Ethan Hourigan and Dean Budd.

Sale is by way of a tender that will close on Wednesday 10 July, unless the site is sold earlier.

Hourigan said the approximately 730-square-metre premises sat on some 1,062 square metres of freehold land with parking for seven vehicles.

“The property is constructed of durable materials from its concrete floor to its Colorsteel roof. It has been very well maintained and is presented in excellent condition.

“Accessed via two sets of automatic glass doors, it contains an expansive air-conditioned retail area, plus office and amenities, with two ablution blocks and a substantial staffroom,” Hourigan said.

Central to the property’s attraction is its position on a strip famed for its mix of boutique shops and more than 60 bars, cafes and restaurants.

The site is zoned as part of Hutt City Council’s Petone Commercial Area 1, otherwise known as the Jackson Street Heritage Precinct. This zoning provides for retail, commercial, healthcare services and licensed premises, with residential accommodation permitted above ground floor. The building height limit at the site for sale is 10 metres.

Budd said Jackson Street continued to bolster its credentials as one of the region’s fastest growing residential, retail and hospitality locations.

“Petone’s pulling power is supported by a critical mass of big destination retailers – including Pak’nSave, Countdown, Bunnings Super Store, The Warehouse, Mitre 10 Mega, K Mart, Briscoes, Smiths City and Kathmandu.

“Key drivers of the suburb’s ascendency are the continued gentrification of its residential precincts and its centrality to the entire Greater Wellington region, with easy road access, good parking and excellent public transport.

“Jackson Street is well supported by buses servicing both Wellington City and Lower Hutt. One of the Valley’s main rail hubs is located at the western end of Jackson Street, with generous park and ride facilities.

“Petone is also brimming with public and private amenities – from libraries, swimming pool and sports fields to an array of large-format retail outlets, along with the always in-demand character boutiques, bars, cafes and restaurants,” Budd said.

Click here for more information on the listing.

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