The land and buildings of a large-scale cool store facility on the outskirts of Havelock North in Hawke’s Bay are being presented to the market for sale.
13 Thompson Road, Havelock North has 11,117sq m of total floor area and includes 7,212sq m of cool storage, 2,100sq m of shedding and office space, and substantial canopy space.
The property features eight separate buildings on a 3.6150ha site that is zoned Plains Production. Cool store space remains in short supply across Hawke’s Bay and is keenly sought by horticulture industry players.
Kiwi Crunch, previously known as Freshmax, currently occupies the site but could vacate on settlement meaning vacant possession is a possibility.
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The current annual rental income from the property is $715,000 plus GST but there is potential to grow that in the future. Kiwi Crunch’s current lease runs until December 2024 and there is one further right of renewal for five years. There are market reviews scheduled for December 2024 and June 2027.
Strategically positioned on the edge of Havelock North, this property provides seamless access to essential transportation networks, facilitating efficient distribution of produce to domestic and international markets.
Danny Blair, Director at Colliers Hawke’s Bay, has been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 4 October, unless sold prior.
The original store building, comprising a low stud warehouse with attached office and mezzanine storage, was constructed in the 1970s, with extensions completed in the early 2000s.
Attached to one end of the storage building is a two-level structure comprising approximately 82sq m of ground level office accommodation and storage and further mezzanine storage.
The former packhouse and storage area includes a lean-to, which comprises a lunchroom and locker facilities and is positioned to the rear of the store.
The main packhouse building has an approximate area of 796sq m with a minimum stud height of 5m. A high stud warehouse is positioned to the southern side of the main packhouse.
The packhouse chiller was originally constructed in the 1990s and comprises a single-storey chiller with canopy and a 46sq m plant room. The stand-alone chiller has an estimated capacity of 1,293 cubic metres.
The buildings that encompass the main cool stores were constructed in three stages.
Stage 1, constructed in the 1990s, comprises four equal-sized cool stores. Cool stores 1 and 2 are separated from cool stores 3 and 4 by an internal canopy. The four individual cool stores have an estimated capacity of 5,285 cubic metres each. Attached to the outside of cool stores 3 and 4 is a USDA inspection room and office.
Stage 2 (2002) comprises cool stores 5-8. There is an open-ended canopy which adjoins cool stores 3 and 4. Cool stores 5-8 are located within one large structure and each individual cool store has an estimated capacity of 3,456 cubic metres.
Stage 3 (2004) is a separate stand-alone structure with cool stores 9 and 10 separated from cool stores 11 and 12 by an open-ended canopy. The cool stores have an estimated capacity of 3,473 cubic metres each.
The single-storey, freestanding site office comprises a reception area, open plan and partitioned offices, kitchen, and toilets.
The freehold site offers nearly 260m of frontage to Thompson Road and secondary frontage to Napier Road of approximately 34m.
Blair says there are two clear paths for purchasers given a discerning investor may choose to lease the property, or the new owner may occupy the premises and utilise the facilities.
“Investors can take advantage of the holding income on offer from the current occupants through until December 2024 and then look for a new long-term tenant,” Blair says.
“Alternatively, owner-occupiers may want to acquire the property for their own endeavours and this readymade facility would allow the new owner to hit the ground running, while securing sought-after cool store space.
“There is also significant future growth potential at the property given the available land on the site could be developed allowing for further intensification.”
- Article supplied by Colliers
