A newly developed Whangārei warehouse with a long-term lease to Foodstuffs — parent company for New World, Pak’n Save and other brands — is on the market.
JLL agents are marketing 27 Te Waiiti Place, Raumanga, by deadline private treaty closing Wednesday 16 November unless sold prior.
It is a passive freehold investment opportunity with a 15-year lease to Foodstuffs North Island Ltd.
The company operates brands such as New World, Pak'nSave, Four Square, and Gilmours.
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This newly developed warehouse will utilise the site as its Northern Distribution Facility, servicing over 34 grocery locations across the Northland region.
The property features temperature-controlled cool store and freezer areas, as well as modern warehousing and office spaces. Access is via five docking stations with two-storey full height roller doors under a generous canopy.
The large yard provides ample space for freight vehicle access, manoeuvring and parking.
The building has a floor area of 2318sq m, site coverage of approximately 23 per cent, and a further 7268sq m of sealed yard.
The size of the property combined with the purpose-built warehousing facility makes for a strategic addition to any growing commercial property portfolio.
The industrial area of Raumanga is close to SH1 and the city centre.
JLL senior broker Chris Wakim says sound investment opportunities like this do not come around every day.
“Having a tenant covenant as strong as Foodstuffs’ 15-year lease with fixed annual growth is rare, especially in a brand-new build,” says Wakim. “Strategically positioned industrial options are sought-after opportunities. Investors gravitate towards quality, and 27 Te Waiiti Place has that in droves.”
JLL executive director Jolyon Thomson highlights this passive, secure investment as a major drawcard to investors seeking consistent annual returns.
“Foodstuffs North Island is not only an essential service business, it’s an extremely strong option for the forward-thinking investor,” says Thomson. “Annual returns of $350,000 + GST on 10,018sq m of land is an attractive proposition.
"The security of the Foodstuffs tenancy, with the business planning a further 750sq m expansion, is a win-win for both tenant and the astute investor who acts first to secure this property.”
— Article supplied by JLL
