Tasty addition to an industrial portfolio

A substantial manufacturing facility in Wellington’s premier industrial precinct is for sale, presenting a hands-off investment opportunity backed by a proven tenant with more than 30 years of continuous operation at the site.

The property is fully leased to Groenz Ltd, a long-established producer of sauces, dressings, condiments, and syrups for the foodservice sector, and a subsidiary of global foodservice supplier Golden State Foods.

Located at 131 Gracefield Road in Lower Hutt, the property comprises a well-presented 2,532sqm industrial facility set back from the road on a generous 3,527sqm freehold site, with Special Business zoning, efficient truck access from dual points, 24 on-site car parks, and dedicated yard space.

Built in 1986, the substantial single storey warehouse incorporates full height tinted glazing to both ground and mezzanine levels, and benefits from an extensive tenant fitout tailored to export grade food production. Purpose built processing areas, temperature-controlled rooms, ample storage, a laboratory, and modern office and staff facilities underline the quality of the asset and the long-term investment made by the tenant.

Returning net annual income of $360,000 plus GST, Groenz has three years remaining on its lease from 1 March 2026, along with one three-year right of renewal, providing secure income through to a potential final expiry of 28 February 2032.

The property has a seismic rating of 75 percent new building standard and has Special Business Activity Area zoning.

Tenders close Wednesday 11th March through Mark Sherlock and Liam Sherlock of Bayleys Wellington Commercial.

Industrial property continues to be the most sought-after commercial asset class in Wellington, and while the heat came off the sector in the first half of 2025, enquiry levels have rebounded with some good sales concluded in the latter part of last year, says Mark Sherlock.

“With investor demand for well-located industrial assets continuing to outpace supply, opportunities in the Gracefield–Seaview precinct are limited. This property is a standout, supported by a long-established tenant and a location regarded as one of Wellington’s most resilient industrial hubs.

“This is a highly versatile asset, underpinned by secure income, a bankable seismic rating, a sophisticated tenant fitout developed over decades of continuous occupation, and generous onsite car parking.”

The property has a prominent position in the Gracefield-Seaview industrial precinct which is characterised by large warehouses, factories, and freight, storage and distribution businesses that value the strategic access to major transport routes.

“With no new industrial stock in the pipeline in Lower Hutt given land restraints, and robust tenant demand, this precinct continues to outperform many others around the region,” says Sherlock.

“Investors continue to prioritise secure tenant covenants and resilient industrial fundamentals. This asset stands out, combining a long-established tenant with a location that remains one of Wellington’s most consistently high performing industrial precincts.”