A row of 1940s and 1950s buildings on a substantial site held in three titles in Homedale Village, Wainuiomata North have been placed on the market for sale as one lot via a mortgagee tender process.

Located in a commercial and residential precinct affectionately known as “The Village” on Main Road near the intersection with Moores Valley Road, the retail buildings form part of Wainuiomata’s oldest shopping area which was established to support a growing community when land in the suburb was subdivided for housing post-World War II.

This is a high-profile, high traffic location at the gateway to the farming/lifestyle area along Coast Road, and the last commercial centre before Wainuiomata Beach on the south coast.

The subject offering for sale comprises a parcel of eight partially leased retail shops and a residential dwelling, with a total 780sqm footprint on 2,746sqm Suburban Mixed Use-zoned land.

Given the mortgagee status of the offering, information around lease terms, income and seismic status is yet to be confirmed.

122-126 Main Road comprises three high-stud retail units with rear access via a right of way to the north side. These three shops are currently tenanted, and are home to a construction business, a beauty shop and the Wainuiomata constituent office for National MP, Chris Bishop. These tenancies also have access from a metaled yard to the rear, which could be leased up to provide additional holding income.

There are three low-stud retail units at 130 Main Road, each with a floor level slightly staggered from the next, and with occupancy status unclear.

134-136 comprises two low-stud shops, with a residential component to the rear. The shops appear vacant and the tenancy of the residential space is not clear.

Paul Cudby and Oliver Hourigan of Bayleys Wellington Commercial are handling the marketing of the properties, which will be sold by tender closing 11th April.

As Wainuiomata is one of the fastest-growing suburbs of Lower Hutt, and one of the most affordable residential suburbs in the wider Wellington region, Cudby says investors and developers will appreciate the potential the site holds.

“Our instructions are clear – the properties will be sold, so cashed-up buyers should be curious.

“Given the location at a busy juncture and with residential development happening in the immediate and wider area, such as the recently built 16-home project at Pākura Place, off Moores Valley Road, the site is ripe for a revamp.

“The Suburban Mixed Use zoning allows for a wide range of uses including office, commercial services, retail, entertainment, healthcare services and education provision on the ground floor, with residential or commercial accommodation above.

“The high-density overlay has an allowable building height limit of 12m so a developer could see value in this sizeable landholding with good connectivity and growth potential.”

Add-value investors on the other hand will see opportunity to shore up existing leases, and backfill vacant space to bring returns back into line with market rates, says Hourigan.

“The space is ideal for resident-focused retail and service providers such as a laundromat, hairdresser, convenience store or the like,

“If suitably managed, the vacant shops could be actively leased to return sound holding income. with a new owner having the surety of favourable underlying zoning to further future-proof options.”