As Exclusive Agents, CBRE New Zealand is pleased to present 112 Jackson Street, Petone, Lower Hutt for sale.
112 Jackson Street represents an outstanding investment opportunity within one of Greater Wellington’s stronger suburban retail precincts. The property comprises a fully occupied large format retail investment located on a substantial high-profile site, benefiting from excellent exposure to Jackson Street, generous on-site car parking, and strong underlying tenant covenants.
This well-maintained building, with a 90% NBS seismic rating, is positioned on a 2,828sqm (more or less) freehold land parcel with prominent frontage to Jackson Street. The asset is further strengthened by long-term net leases to two well-established national brands, creating a balanced dual-income profile.
The property is occupied by Bargain Chemist and CityFitness; both of whom have committed to new 12-year net leases with 3% annual rental growth, delivering a combined net passing income of some $732,772 (plus GST) per annum offering an outstanding overall investment profile. Bargain Chemist are open and trading with CityFitness scheduled to open its doors to its members in mid-May 2026.
With the groundwork complete, this offering presents an opportunity for a passive investor to step in and enjoy hands-off ownership, benefiting from well-established national tenants, a tidy and well-maintained building, and the rewards of long-term net leases with built in rental growth. A true ‘set-and-forget’ investment in a location that continues to perform.
Investment highlights include:
- Passing net income: $732,772 (plus GST) per annum, providing immediate and secure cashflow.
- Net lease structure: Tenants are responsible for all operating expenses, delivering a genuine net income and yield position.
- Fully leased retail investment: 100% leased large format retail asset secured by long-term net leases.
- Strong national tenant covenants: Leased to well-established national brands Bargain Chemist and CityFitness, providing a balanced dual income profile both of whom are on new 12-year net leases with 3% annual rental growth.
- Prime Jackson Street location: Prominent position within Petone’s tightly held retail precinct; benefiting from strong exposure, accessibility, and amenity.
- Substantial landholding: 2,828sqm (more or less) site with approximately 56 metres of frontage to Jackson Street.
- Large format, well-configured tenancies: Two expansive retail tenancies of approximately 1,013sqm and 1,000sqm, each incorporating amenities and mezzanine office space.
- Seismically resilient building: Strengthened in 2017, with an engineering assessment confirming an approximate 90% NBS rating.
- Excellent parking provision: 14 on-site car parks, supplemented by 10 additional spaces via a separate licence agreement.
- Set-and-forget investment: Long leases, strong covenants, and a true net income profile underpin a secure, low maintenance ownership.
The property is being offered for sale by Deadline Private Treaty, closing Wednesday 27 May 2026 at 4:00 pm (unless sold prior). Offers are to be submitted on the prescribed form, available for download via the Electronic Data Room.
CBRE strongly recommends early consideration of this high-quality retail investment opportunity and encourages interested parties to engage with the Exclusive Agents without delay.
