Investors in the North Island’s Golden Triangle have an eye on Paeroa as the large site housing New Zealand’s top engineering, infrastructure management and construction services provider goes up for sale.
The leasehold land of approximately 4,700 square metres underpins two substantial storage buildings, office and staff facilities and a large, fenced courtyard.
Its location in Paeroa places the site close to major access routes to Auckland, Tauranga and Hamilton, which make up the economic powerhouse known as the “Golden Triangle”.
The site is fully leased to Downer, the largest provider of services to New Zealand asset owners, with a focus on transport, utilities and facilities.
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The company pays an annual net rent of $86,130 plus outgoings and GST on a current lease that runs through to 2025, with two further one-year rights of renewal.
With a history in this country that began with the formation of the Public Works Department in 1870 and the New Zealand Post Office in 1880, Downer today has 10,000 employees in more than 120 locations from Kaitaia to Invercargill.
The New Zealand business is part of the Downer Group, an ASX 100 company listed on the Australian Securities Exchange and New Zealand Stock Exchange, which is the leading provider of integrated services in Australia and New Zealand.
The land and buildings at Lot 5, Coronation Street, Paeroa, are being marketed for sale by Steven Pett of Bayleys Hamilton.
The property will go under the hammer at an auction on Thursday 8 December.
Pett said the large Industrial-zoned site contained two sizeable buildings with a combined floor area of some 576 square metres.
“The office and sheds, small and large with warehouse space, plus a large fully fenced courtyard with a solid surface, cater to diverse needs,” he said.
The modern, low-maintenance buildings are conveniently accessed via large roller doors.
“With a strong national tenant in place and located within an hour and a half’s drive of Hamilton, Auckland and Tauranga, this property will attract wide interest as a tenanted investment.
“Despite the superb location, there are limited opportunities to buy quality commercial properties in Paeroa. This will make the Coronation Street site a highly prized asset for investors – all the more so, given the calibre of the tenant.
“The very good layout and presentation of the site and buildings would suit a multitude of users,” Pett said.
Paeroa is the main town in Hauraki District and headquarters to the district council.
“World famous in New Zealand” as the home of the fizzy drink Lemon and Paeroa, made with mineral water from local springs, the town and surrounding areas are home to more than 6,000 people – a number of whom are employed by Downer.
- Article supplied by Bayleys
