Top veterinary lab site goes up for sale
The large freehold site housing one of New Zealand’s leading veterinary labs is for sale.
The Gribbles Veterinary laboratory lies in the heart of Palmerston North’s main warehouse and showroom hub with exposure to some of the city’s highest vehicle counts on busy Tremaine Ave.
Gribbles fully occupies the site, paying annual net rent of $140,000 plus outgoings and GST.
The current lease runs through to 2027 with two further three-year rights of renewal, if exercised, potentially taking final expiry to 2033.
The lease agreement includes CPI rent reviews every two years, except where replaced by market reviews which are built-in at the commencement of each further term.
The property at 840 Tremaine Ave, Palmerston North, is being marketed for sale by deadline private treaty closing on Friday 29 July, through Karl Cameron of Bayleys Palmerston North.
Cameron said the approximately 1250sq m laboratory building sat on some 2216sq m of industrial-zoned land.
The well-presented single-storey building consists primarily of offices, lab facilities and a large warehouse at the rear.
There is generous on-site parking and the property is fully security fenced.
The site has around 50m of frontage to Tremaine Ave.
“This represents exceptional profile to a key arterial which carries some of the city’s highest traffic volumes,” Cameron said.
“The nearby Rangitikei St intersection, one of the busiest in town, has recently had a major upgrade to improve traffic flows in the area.
“The growing traffic count will likely drive increased pressure for commercial activity on Tremaine Ave as the industrial influence diminishes and as tenants seeking larger sites are forced to locations further afield, such as the Northeast Industrial Estate,” Cameron said.
This, along with the site’s flat and regularshaped profile, would support future redevelopment possibilities and alternative uses, perhaps in keeping with Tremaine Ave’s evolving business makeup, he said.
“Once Palmerston North’s most preferred industrial location, this area is already seeing an ever-increasing commercial influence. Retail showrooms have become more prominent with many business premises now incorporating a showroom component to capitalise on the outstanding exposure.”