Giant Gisborne produce complex goes on market
The land and buildings sustaining one of Gisborne’s biggest primary produce storage facilities – strategically located close to the city’s port and main highway – have been placed on the market.
The 1.676ha Cook Stores complex encompasses 10,900sq m of cold and dry storage warehouses and canopies leased to high-profile tenants in the rural production sector.
On the corners of Lowe, Peel, Customhouse and Kahutia streets, most of the complex is occupied by leading maize seed growing supplier Genetic Technologies, marketed under the Pioneer brand. The plant is Genetic Technologies’ maize seed production hub, supplying maize growers, livestock and dairy farmers throughout the country.
Also within the complex is leading food ingredients manufacturer Cedenco, whose products include apples, sweet corn, tomato, squash, peas, pumpkin, kiwifruit, and onion used by domestic and international food and beverage industries.
The third tenancy is prominent North Island construction and building firm McMillan & Lockwood which is undertaking a substantial remediation programme on a Gisborne CBD commercial premises.
The site is being jointly marketed for sale by tender through Bayleys Gisborne and Bayleys Napier, with the tender closing on July 21.
Salespeople Mike Florance, Simon Bousfield and Kerry Geange said Cook Stores was made up of multiple separate cold store freezer facilities and a separate large format dry store.
“Cook Stores is one of Gisborne’s biggest and most significant warehousing and primary produce related logistics facilities, servicing a broad section of the region’s food growers and manufacturers,” said Florance.
“The high-stud cool stores within the complex are endowed with full
sprinkler systems and combined, deliver a collective floor area of approximately 4000sq m.
“Additionally, there are high-stud clear-span dry stores and truck canopies totalling nearly 5800sq m.
“The vehicle access and exit points off three roads running around and through the Cook Stores complex enable all tenants to operate efficiently and independently of each other.
“Within the complex are also several large turning and parking areas which have been concreted or chip sealed. Part of this space is also utilised by the various tenants for outdoor storage of non-food or seed products, shipping containers, and to house Portacoms.
“The property’s central city location and ease of large vehicle access is further enhanced by the property’s direct connection to State Highway 35 for traffic heading both north and south of Gisborne, with the port also less than 2km away for transporting product internationally.”
Combined, the L-shaped Cook Stores property generates annual net rental of $1,020,083 plus GST, with the tenancies encompassing:
■ Genetic Technologies occupying cold stores seven and eight along with 614sq m of the yard area
■ Genetic Technologies occupying dry stores one and two along with the sealed yard area on Peel St
■ Cedenco Foods NZ occupying cold stores three and four with canopies
■ McMillan Lockwood BOP occupying a small office space and uncovered yard area.
Bousfield said that while the property was being marketed for sale as one entity, the vendor would consider selling off parts of the complex subject to negotiation.
“The site is made up in 14 individual land titles, and under its outer commercial zoning, has the potential for a wide range of future redevelopment options,” he said.
The site is zoned Outer Commercial under Gisborne District Council’s District Plan.