A sizeable commercial property with favourable zoning for sale in Paraparaumu is expected to resonate with developers
looking for a redevelopment opportunity in-line with Council’s draft blueprint which would transform Paraparaumu into
the Kāpiti Coast’s main city centre.
The fully-tenanted two-level building on the high-profile 1,012-square metre corner site at the traffic light-controlled
junction of old State Highway 1 – Amohia Street – and Kāpiti Road, sits opposite the BP Service Station, Mobil Service
Station and Kāpiti Organic Landscaping and is close to Coastlands, the Kāpiti Expressway, and the rail network.
The freehold site just outside of the Paraparaumu CBD, has 620 square metres of existing commercial buildings originally
dating back to the late-1950s with extensions made in the late-1960s, plus 20 on-site car parks with dual street access.
The property is home to a range of professional service providers and office businesses on varying lease terms, with
tenants include Thames Publishing, Innov8, Kāpiti Coast Vape, The Cutting Bar, Functional Body Works, Right Choice
Roofing and several lawyers.
Owned by a Wellington-based private investor for many years, the property generates a net income of $91,292 per annum
plus GST and will be auctioned at 11am Thursday 9th December.
Bayleys Wellington Commercial salespeople said the site’s future redevelopment potential will appeal to buyers looking
for opportunities to leverage off Paraparaumu’s growth fundamentals, and the wider Kāpiti Coast’s lifestyle and business
credentials.
“A site of this size and in this location was always going to generate strong investor interest and the property does
function well in its current guise as an established commercial hub,” said Mike Kuiper of Bayleys Wellington Commercial
who is marketing the property with colleague Paul Adams.
“While acknowledging that a segment of the investor market will recognise the long-term benefits of a restrengthening
programme to improve the 35 percent seismic rating and generally upgrading the buildings, the underlying Commercial
Mixed-Use zoning is signalling real opportunity here.
“This zoning has inherent flexibility and provides multiple options for forward-thinking entities.”
Mike Kuiper said Council’s preference in the Commercial Mixed-Use zone tends to be for street-level retail with offices
on the first floor then residential above.
“Interested parties should pursue the options presented by the site through the usual Council channels to ascertain best
and highest allowable use in this part of town – bearing in mind that the region’s population is forecast to expand
significantly in coming years and housing supply will need to grow accordingly.”
BERL Economics data shows the population of Kapiti is estimated to grow by around 30,000 people to 85,658 by 2050,
requiring an additional 12,000 dwellings.
The Kāpiti Coast District Council has released its draft Growing Well plan and commenced a public consultation process
to address the social, demographic, housing and commercial needs of Paraparaumu in response to the region’s expected
growth over the next 30 years.
Under this draft plan, residential intensification is proposed within an 800-metre walkable catchment of the railway
station which aligns with central government’s urban development policy statements.
Privately-owned property development company Gibbons Co. is currently constructing the 78-townhouse precinct Four Kapiti
on a neighbouring site to the subject property, due for completion next year.