A high-quality industrial investment opportunity is available in Waiwhakaiho, the most sought-after commercial precinct in New Plymouth.
Marketed by Benet Carroll, Director at Colliers Taranaki, the property is strategically positioned on the commanding corner of Smart Road and Constance Street.
It is for sale by deadline private treaty, closing Wednesday 7 September, unless sold prior.
The property is being marketed as a single package with offers for the separate titles considered.
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The fully leased offering is held in three titles. Its tenants are blue-chip companies NZ Post, Aviagen New Zealand, and Rockgas.
The weighted average lease term is just under five years and the property has a net annual return of $767,000 plus GST.
“It’s hard to find an investment of this calibre featuring modern industrial facilities in a prime location with secure leases,” Carroll says.
“This has all the sound fundamentals that investors seek – a diversified split-risk investment, fully leased, 100 per cent of NBS, and more than half the total rental is subject to annual CPI increases.”
The 3312sq m corner site at 20 Constance Street houses a stand-alone warehouse developed in 2002 with extensive plant and machinery installed by the tenant.
NZ Post occupies the high-profile corner of Smart Road and Constance Street, contained within a regular shaped 3513sq m site.
The distribution facility was built in 2002, and comprises a clear span warehouse, administration areas, and a mail sorting room totalling 2334sq m of net lettable area.
There are 11 car parks in front of the main pedestrian access off Smart Road. An additional 15 car parks are provided for NZ Post at 18 Constance Street.
Rockgas occupies a 2607sq m site, also at 18 Constance Street, accessed from Constance Street and via a shared drive with NZ Post off Smart Road. The leased area consists of a mixture of asphalt and metalled yard with a 4 tonne LPG dispensing cylinder and small portacom.
The properties are zoned Industrial C under the Operative District Plan but will be rezoned under the Proposed District Plan to Mixed Use. This zone is predominantly characterised by larger scale, bulky buildings such as warehouses and wholesale shops.
Carroll says the commercial area of Waiwhakaiho has historically been characterised by light industrial property, strategically positioned between the region’s largest industrial precinct of Bell Block and the New Plymouth CBD.
In 2000, Harvey Norman relocated to Smart Road and is positioned across the road from NZ Post. The Valley Mega Centre has since been developed, which is Taranaki’s largest bulk retail complex accommodating brands such as Briscoes, Noel Leeming, Rebel Sport, and Chemist Warehouse. A Countdown supermarket and Mitre 10 Mega were also developed on the adjoining properties.
“The area is about to see one of the region’s most significant commercial projects with the redevelopment of the 7.44ha former industrial site, positioned 250m from NZ Post along Smart Road, into a multi-tenanted retail park,” Carroll says.
- Article supplied by Colliers
