Gold-plated opportunity in Northland
A newly developed Whang¯arei warehouse with a long-term lease to Foodstuffs — parent company for New World, Pak’n Save and other brands — is on the market.
JLL agents are marketing 27 Te Waiiti Place, Raumanga, by deadline private treaty closing Wednesday 16 November unless sold prior.
It is a passive freehold investment opportunity with a 15-year lease to Foodstuffs North Island Ltd. The company will use the property as its northern distribution facility, servicing over 34 grocery locations across the region.
The property features temperature-controlled 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.
The building has a floor area of 2318sq m, site coverage of approximately 23 per cent, and a further 7268sq m of sealed yard.
The size of the property combined with the purpose-built warehousing facility makes for a strategic addition to any growing commercial property portfolio.
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 10,018sq m of land is an attractive proposition. The security of the Foodstuffs tenancy, with the business planning a further 750sq m expansion, is a win-win for both tenant and the astute investor who acts first to secure this property.”