Hawke’s Bay property looks pick of the crop
The post-harvest facility of produce exporter Freshco in Hawke’s Bay is for sale, offering buyers the opportunity to secure a premier asset with an established tenant and longterm upside.
Located at 76 Rangitane Rd, Whakatu, the property comprises a packhouse, offices, fitter’s workshop, cool stores, controlled atmosphere stores, carton store, canopy shelter, processing factory, gatehouse and reception.
There is approximately
17,810sq m of total net lettable area on the
7.3448ha site with potential to develop further facilities given the substantial landholding.
The existing highly functional buildings have undergone significant upgrades and are in line with industry standards, while the main yard of approximately 18,000sq m provides good on-site storage for bins, and truck and staff parking, with an open swale alongside the southern boundary line.
Current owner-occupiers Freshco are seeking to sell the land and buildings as a package under a sale and leaseback agreement with the terms of the leaseback to be negotiated during the sale process.
Located in the centre of Hawke’s Bay’s pipfruit industry, the property is well positioned with exceptional access to rail and the nearby road transport network. Whakatu sits near SH2, approximately 7km northeast of Hastings and 14km south of Napier.
The site will benefit from the proposed 12ha industrial development of the Whakatu Inland Port that is earmarked to receive $20 million of Government funding.
The property is zoned General Industrial under the Hastings District Council’s District Plan.
Colliers Hawke’s Bay director Danny Blair has been appointed to market the property and is taking expressions of interest closing at 4pm on Tuesday 27 September, unless sold prior.
Freshco is an Auckland-based produce export company with operations in Hawke’s Bay and Nelson. Operating since 1989, the company is a significant participant in New Zealand’s growing apple industry and is well positioned to maximise the expanding opportunities in the global food sector.
Freshco added new cool stores to the property in 2017 and 2018. Site development plans to future-proof the facilities for its own use include adding to the existing footprint and building an additional cool store.
An extensive upgrade of the fruit handling equipment, including automation and robotics, was completed recently, while the main packhouse underwent seismic work earlier this year.
Blair says this is one of the most attractive investment opportunities in Hawke’s Bay and there are further development options at the site.
“Freshco have developed a master-plan for the site which depicts the ultimate capacity of the property and is the programme to which all staged alterations, renovations, and capital works are targeted,” Blair says.
“The master-plan involves a continuation of the building alterations, extensions, and reconstruction of the packhouse structure along with the eventual addition of further cool store capacity.
“The intent is to increase the efficiency capacity and the quality of the facility to accommodate the projected growth in throughput the company has and continues to invest in.
“The site allows the proposed expansion to take place. Building consent is in place for warehouse extensions, and while the new cool storage facility is not yet consented it would mirror the 2018 build completed by Freshco.
“There are no anticipated challenges prohibiting the cool storage expansion.”
Blair says the property shapes as a highly desirable purchasing opportunity with strong growth potential.
“While the leaseback terms are to be negotiated, Freshco are seeking a long-term agreement to remain at the property, which will provide a strong tenant covenant for the site.
“Properties such as this one are rarely presented to the open market and the longterm outlook for the site is extremely positive.”