Buyers are warming to Big Chill opportunity
The high-profile temperaturecontrolled distribution depot of a nationwide freight carrier has gone up for sale in a pivotal location in the central North Island.
The purpose-built cool store/cold store premises occupied by Big Chill Distribution sit prominently on SH1, neighboured by other national and international occupiers in a business estate in Putaruru, South Waikato.
From beginnings in 1996 with one truck carrying pies between Auckland and Tauranga, Big Chill has grown into a national freight carrier with nine depots throughout New Zealand. It is now owned by Freightways Ltd.
Big Chill Distribution’s tenancy at the Putaruru site generates annual net rental income of $297,861 plus all outgoings and GST. The current lease runs through to 2026 with a further 12-year right of renewal.
The lease agreement incorporates annual CPI rent reviews which are currently providing strong rental growth, replaced by a market review at lease renewal.
19 Rolfe Way, Putaruru, is being marketed by Brendon Bradley and Ryan Bradley of Bayleys Tauranga. Sale is by auction on Wednesday 15 June unless sold prior.
Brendon Bradley said the offering consisted of an approximately 1280sq m building on some 5935sq m of business-zoned freehold land. The site has some 150m of frontage to SH1.
“The southern end of the site has been developed with a superbly presented single-level cool store/cold store distribution facility.
“Originally constructed around
2005 and extended in 2014, this includes more than 500sq m of chiller rooms, some 320sq m of freezer rooms and an approximately 300sq m environmental loading area with five loading docks. These are supplemented with some 111sq m of offices and amenities, plus a forklift charging room and compressor shed.”
The building has concrete foundations and floor, and steel framing, with stud heights ranging from 5-6.8m in the cool store and 5.75-6.8m in the freezer.
Ryan Bradley said the property benefited from a location pivotal to its use as a key distribution depot.
“The surrounding South Waikato area is home to major businesses such as pulp, paper and packaging leader Oji Fibre Solutions at Kinleith, Fonterra’s large cheese factory at Lichfield and the Fonterra casein factory at Tirau. The site for sale forms part of the well-presented Rolfe Way Business Estate at the southern entrance to the Putaruru township,” said Bradley.