Weekend Herald

Handy for projects in the pipe­line

- Business · Dunedin · New Zealand · New Plymouth · Plymouth · Wellington, New Zealand · Invercargill · Otago Region · Waste Management · Christchurch

The lease­hold land and the build­ing hous­ing the Dunedin branch of a world- wide in­dus­trial pipe and tube re­tailer are on the mar­ket .

The prop­erty at 68 Sturdee St in Dunedin’s Har­bour­side Basin Precinct in­dus­trial quar­ter is oc­cu­pied by MRC Global — a North Amer­i­can­based com­pany with oper­a­tions in

100 coun­tries.

Ten­ant MRC Global has been in the pipe and tube re­tail­ing sec­tor for 99 years and, in ad­di­tion to the Dunedin branch, has New Zealand lo­ca­tions in Auck­land, Hamil­ton, New Ply­mouth, Welling­ton, Christchur­ch and In­ver­cargill.

The cor­ner site Dunedin prop­erty fea­tures 410sq m of ware­hous­ing, re­tail­ing space, and of­fices, sit­ting on some 892sq m of lease­hold land.

The lease­hold land and build­ing at Sturdee St are now be­ing mar­keted for sale by dead­line pri­vate treaty through Bay­leys Dunedin, with of­fers clos­ing on Oc­to­ber 21. Sales­per­son Muir Gold said the prop­erty sus­tained MRC Global’s 290sq m of ware­house show­room space, 50sq m of of­fice space and staff ameni­ties, an ad­di­tional 70sq m of mez­za­nine- level of­fice and stor­age space, and came with 10 car parks.

MRC Global cur­rently has a lease on the prop­erty run­ning through to

2025 with two fur­ther five- year rights of re­newal, gen­er­at­ing net rental in­come of $ 37,765 plus GST per an­num and with mar­ket- linked rental re­views reg­u­larly sched­uled through­out the terms. The prop­erty has an an­nual ground rental of $ 16,056 plus GST per an­num for the next sev­enyears, with the ground lease run­ning through to 2041.

The head lease on the prop­erty is owned by Chalmers Prop­er­ties Ltd, which has just as­signed a new 21- year ground lease to the site. On­go­ing ground lease re­newals run in per­pe­tu­ity. Otago Re­gional Coun­cil and its sub­sidiary land ad­min­is­tra­tion com­pany Chalmers Prop­er­ties Ltd own vast tracts of land in the Har­bour Basin Precinct.

In­dus­trial premises around the MRC Global plant in­clude road­ing and in­fras­truc­ture firm Ful­ton Ho­gan, refuse and rub­bish man­age­ment com­pany Waste Man­age­ment, Steel & Tube and Dunedin Stain­less Steel.

Gold said the lo­ca­tion’s dual en­try and exit points al­lowed easy ac­cess for heavy ve­hi­cles off both Sturdee St and Wick­liffe St — the main ar­te­rial route to the Har­bour­side Basin Precinct. In­cluded in the build­ing’s chat­tels is a heavy- duty gantry crane used for load­ing and rack stack­ing MRC Global’s se­lec­tion of weighty steel pip­ing.

“The high roller door within the ware­house por­tion of the build­ing, along with good yard space out­side, al­lows an ef­fi­cient free- flow­ing traf­fic move­ment sys­tem to be utilised — which de­liv­ers greater cus­tomer ef­fi­cien­cies for the ten­ant and their busi­ness,” he said.

“With con­sid­er­able con­struc­tion projects in the pipe­line in and around the Har­bour Basin Precinct — such as the new hos­pi­tal and the re­fur­bish­ment of many older premises — the Sturdee Street lo­ca­tion works well for MRC Global and the prod­ucts it sells.”

Gold said Dunedin’s Har­bour Basin Precinct was the city’s main in­dus­trial quar­ter and linked well to the all of the city’s ar­te­rial routes. The lease­hold Sturdee St site is zoned in­dus­trial un­der the Dunedin City Coun­cil 2GP P.

Con­structed in 1995, the Sturdee St build­ing is con­structed on a con­crete floor pad, with tilt- slab walls, steel beam fram­ing, and full height slop­ing roof with Per­spex pan­elling in­serted along the roofline to al­low for nat­u­ral light­ing.

The of­fice space within the ground level and mez­za­nine por­tions of the build­ing is pre­dom­i­nantly open plan,

 ??  ?? The Sturdee St lo­ca­tion works well for MRC Global and the prod­ucts it sells.
The Sturdee St lo­ca­tion works well for MRC Global and the prod­ucts it sells.

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