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As easy as 123 Kāpiti Road

A prominently located Kāpiti Coast retail property occupied by a well-established Wellington bed manufacturer and retailer is for sale by auction, offering a hands-off opportunity for a passive investor.

The north-facing 308sqm unit on a 649sqm site at 123 Kāpiti Road, Paraparaumu is one of six semi-detached, single level and individually titled retail units constructed in 1997 and set back from the road with generous parking amenity and excellent profile to passing traffic. There is no Body Corporate associated with the units.

The well-maintained and modern-looking premises was refurbished for the current occupier, Wellington Beds, and has a double access door at the front, large windows ideal for display purposes and brand profile, a small storeroom on the south side, plus office, lunchroom and toilet facilities.

The unit returns annual net rental of $77,070 plus GST, with rental uplift to $80,000 in February 2025. Wellington Beds has exercised an early right of renewal providing term through to 31st January 2028.

The vendor of the property is looking to free up capital for other projects, with salesperson Jo Stewart of Bayleys Wellington Commercial marketing the property ahead of an auction scheduled for 11th July.

The coveted real estate strip is immediately east of the Kāpiti Landing development where tenants include Mitre 10 Mega, Repco and New World and Stewart says like others in the immediate block, the property has had a sound leasing history.

“It’s a viable and popular location with occupiers and local customers, and being on a main feeder road just 300m from the Kāpiti Expressway interchange, it’s a good stop off point for those travelling north or south too. There’s easy access and a range of convenient food and beverage offerings with parking right outside.

“While the property is a neat fit for Wellington Beds and they have shown confidence in the location by renewing their lease ahead of time, the building itself is fairly generic and could suit any number of different business users in the future.”

Stewart says there’s robust activity and demonstrated confidence in the Kāpiti Coast commercial real estate market off the back of population growth and improved roading initiatives that have created safer and more reliable connectivity between Wellington city and the northern region.

“Further improvements to the roading network linking the Horowhenua will only add to the value equation,” she says.

“Bayleys recently sold a property in Presentation Way directly behind this property, along with the nearby Tile Warehouse late last year. We had strong interest on both of these properties from local buyers and Wellington central buyers as the Kāpiti Coast does offer comparatively good value.

“The Kāpiti Road offering is exactly the sort of bottom drawer, easy-care property investment that buyers are hankering for and with the tenant providing an assured rental stream and having low impact on the building itself given its retail focus and product offering, it’s hassle-free.”

Locally owned and operated Wellington Beds has been in business for more than 30 years, with a factory in Tawa, five retail stores throughout the Wellington region and one in Masterton.

Click here for more information on the listing.

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