Bottom-drawer investment in Northland
JLL agents have been appointed to market 27 Te Waiiti Place, Raumanga in Whanga¯rei by way of deadline sale, closing Wednesday, November 16.
The property is a passive freehold investment with a long-term 15-year lease to Foodstuffs North Island Ltd, which operates New World, Pak'nSave, Four Square and Gilmours. This newly developed warehouse will utilise the site as its Northern Distribution Facility, servicing over 34 grocery locations across the Northland region.
The property has temperaturecontrolled cool store and freezer areas, as well as modern warehousing and office spaces. Access is via five docking stations with two-storey full height roller doors under a generous canopy. The large yard provides ample space for freight vehicle access, manoeuvring, and parking.
This is a fantastic opportunity for a passive investor seeking a hands-off industrial property with in-built annual growth with a secure tenant.
The site is located in the industrial area of Raumanga which has close proximity to State Highway 1 and the Whanga¯rei city centre. The building has a floor area of 2318sqm, site coverage of about 23%, and a further 7268sqm sealed yard. The size of the property combined with the purposebuilt warehousing facility makes for a strategic addition to any growing commercial property portfolio.
When opportunities such as this arise, they are highly sought. Investors with a keen eye on the future, looking for solid annual returns and a long-term tenant, will be drawn to 27 Te Waiiti Place.
JLL senior broker Chris Wakim says sound investment opportunities like this do not come around every day.
“Having a tenant covenant as strong as Foodstuffs’ 15-year lease with fixed annual growth is rare, especially in a brand-new build,” says Wakim. “Strategically positioned industrial options are sought-after opportunities. Investors gravitate towards quality, and 27 Te Waiiti Place has that in droves.”
JLL executive director Jolyon Thomson highlights this passive, secure investment as a major drawcard to investors seeking consistent annual returns.
“Foodstuffs North Island is not only an essential service business, it’s an extremely strong option for the forward-thinking investor,” says Thomson. “Annual returns of $350,000 + GST on 10,018sqm of land is an attractive proposition. The security of the Foodstuffs tenancy, with the business planning a further 750sqm expansion, is a win-win for both tenant and the astute investor who acts first to secure this property.”