Electric opportunity as Tesla plugs into New Zealand
A brand-new multipurpose building in Ngauranga presents the first-ofits-kind opportunity tenanted by electric vehicle manufacturer Tesla.
The purpose-built facility on 9583 square metres of freehold land at 1 Malvern Rd on the edge of Wellington’s metropolitan industrial belt is for sale as a purpose-built but generic showroom, office and workshop/warehouse facility for Tesla.
The 3554 square metre floor plan will be a mix of service area, showroom/offices including a mezzanine with 71 sealed car parks.
Bayleys Wellington director Fraser Press said the property was on the market at a time of high demand for industrial premises, particularly those with strong tenant covenants in important locations.
‘‘Positioned near key transport links and catchments on the metropolitan fringe of central Wellington, the Ngauranga industrial precinct accommodates some of the region’s largest logistics and distribution sector players,’’ Press said.
‘‘While presenting as a rare offering in a location with persistently low vacancy rates, investors will see the enormous opportunity to secure a brand-new, modern building delivered by a renowned developer, purpose-built for a soughtafter global occupier who is leading
the charge in electric vehicle sales and delivery.’’
Press said Tesla had undertaken a long-term lease from the date of the practical completion, estimated to be late in 2023, with one further eight-year right of renewal.
The property will generate an annual net rent of $1,32m plus outgoings and GST with lease provisions for market reviews on renewal and fixed annual growth.
Bayleys Auckland director Lloyd Budd said the new owner would
benefit from significant value uplift upon completion, as Tesla would be making substantial investments into a bespoke fit-out to ensure the premises meets its high standard of operational needs.
Budd said the property is being developed by luxury developer Gibbons Co.
With practical completion for New Zealand’s first Tesla-occupied premises scheduled at the end of 2023, Budd said fully compliant resource consent for the project had been lodged, and stage one building consent for earthworks and drainage was expected later this month.
Budd said, with broad-based construction pressures easing, the premises represented an unrivalled opportunity for the New Zealand market.
‘‘Seldom have we ever had such state-of-the-art construction bolstered by a long-term lease to one of the world’s most sought-after occupiers,’’ he said.