Stellar investment in sought-after precinct
A high-quality industrial investment opportunity is available in Waiwhakaiho, the most sought-after commercial precinct in New Plymouth.
Marketed by Benet Carroll, director at Colliers Taranaki, the property is strategically positioned on the commanding corner of Smart Rd and Constance St. It is for sale by deadline private treaty closing Wednesday 7 September, unless sold prior.
The property is being marketed as a single package with offers for the separate titles considered.
The fully leased offering is held in three titles. Its tenants are blue-chip companies NZ Post, Aviagen NZ and Rockgas. The weighted average lease term is just under five years and the property has a net annual return of $767,000 plus GST.
“It’s hard to find an investment of this calibre featuring modern industrial facilities in a prime location with secure leases,” Carroll says.
“This has all the sound fundamentals that investors seek – a diversified split-risk investment, fully leased, 100 per cent NBS and more than half the total rental is subject to annual CPI increases.”
The 3312sq m corner site at 20 Constance St houses a stand-alone warehouse developed in 2002 with extensive plant and machinery installed by the tenant.
NZ Post occupies the high-profile corner of Smart Rd and Constance St, contained within a regular shaped 3513sq m site.
The distribution facility was built in 2002, and comprises a clear span warehouse, administration areas and a mail sorting room totalling 2334sq m of net lettable area.
There are 11 carparks in front of the main pedestrian access off Smart Rd. A further 15 carparks are provided for NZ Post at 18 Constance St.
Rockgas occupies a 2607sq m site, also at 18 Constance St, accessed from Constance St and via a shared drive with NZ Post off Smart Rd. The leased area consists of a mixture of asphalt and metalled yard with a 4-tonne LPG dispensing cylinder and small Portacom.
The properties are zoned Industrial C under the Operative District Plan but will be rezoned under the Proposed District Plan to Mixed Use. This zone is predominantly characterised by larger scale, bulky buildings such as warehouses and wholesale shops.
Carroll says the commercial area of Waiwhakaiho has historically been characterised by light industrial property, strategically positioned between the region’s largest industrial precinct of Bell Block and the New Plymouth CBD.
In 2000 Harvey Norman relocated to Smart Rd and is positioned across the road from NZ Post. The Valley Mega Centre has since been developed, which is Taranaki’s largest bulk retail complex.
“The area is about to see one of the region’s most significant commercial projects with the redevelopment of the 7.44ha former industrial site, positioned 250m from NZ Post along Smart Rd, into a multi-tenanted retail park,” Carroll says.