A well-located and generously sized warehousing property with holding income has come to the market for sale in Levin’s newest industrial subdivision, 3km from the town centre.

The property at 18 Roe Street is pivotally-positioned close to Tararua Road, where the new interchange for the Ōtaki to north of Levin highway – part of the northernmost section of the Wellington Northern Corridor project – due for completion in 2029.

Constructed in 2003, the functional building was very much ahead of its time given the uptick in growth seen in the district in recent years. It is located on the north-eastern side of Roe Street on a prime corner site with around 85m frontage to Roe Street, and 80m of road profile to Enterprise Drive.

As the vendor has also acquired, and intends developing, the land on either side of the subject property, this property is now surplus to requirements.

The 1,436sqm high-stud warehouse, with 217sqm integrated office space to the front, a side storage area accessed from the main warehouse via a roller door, and a 402sqm canopy running the length of the eastern face of the building, sits on a flat 6,586sqm freehold site with yard areas.

The existing occupier, a distributor of architectural interiors products, has been onsite since 2018 and its lease over the property runs until 25th May 2026. That business will remain in the precinct however, with new premises being built for them on an adjacent lot.

The property returns annual net rental of $193,214 plus GST, which marketing agent Jo Stewart of Bayleys Wellington Commercial says is below market rental for equivalent offerings and would provide a new owner with rental upside when the lease rolls over.

Stewart says an assessment shows potential annual net rental of $322,560 plus GST, which markedly alters the value offering, and the property is being sold via a tender campaign closing 5th June.

The remaining lease term of two years would give an investor buyer time to line up a new occupier, or for an owner-occupier to plan for business relocation, with both buyer groups able to bank the holding income while firming up options, explains Stewart.

“This is effectively a turn-key operation for a new occupier and the location has proven popular with a range of businesses. Being around 92km north of Wellington, and 40km to Palmerston North, Levin is a workable base for logistics companies with connectivity to State Highway 1 streamlining the way.

“The immediate area is undergoing massive growth and development, with key anchor tenants like Mainfreight, United Steel, Thermosash, Latteys, Emersons Transport and the new Carters depot showing confidence in the location.

“With construction costs remaining high, owner-occupiers will appreciate the budgetary and timeline efficiencies that the highly adaptable building offers providing a ready-made solution for any number of industrial users, from manufacturing, warehousing logistics, and distribution.”

With the Horowhenua region experiencing growth off the back of roading improvements, relative value-for-money, and the well-documented shortage of available industrial land in the greater Wellington region, Stewart says forward-thinking businesses will be looking to align themselves in this area.

“Levin offers cost-competitive industrial space, and given population growth forecasts for the town and planned new housing initiatives, the Roe Street property would make a logical base for a construction-related business.

“A commercial area and a 3,500-home subdivision, Tara-Ika, have been greenlit for Levin’s eastern boundary now that a plan change allowing greater intensification has been integrated into the Horowhenua Council District Plan.

“Big things are happening in Levin and this property in Roe Street would give a new owner a foothold in a progressive town.”

Click here for more information on the listing.