Further, an unsealed yard along the western boundary of the property remains underutilised and there is a bare land component at the rear of the property with consent in place to develop two 237.5-sqm units.
Andrew Smith of Bayleys Wellington Commercial is marketing the property, which will be sold by tender closing 4pm, June 2.
Having sold the property to the current owners – a group of local investors – in 2006, Smith said it was time for a new owner to take the reins, optimise the rental returns, and unlock the development potential inherent in the underutilised site.
“The whole property in its current guise and with the existing lease structures, has opportunity written all over it,” said Smith.