Large-scale landholding has investors fizzing over Paeroa
Investors in the North Island’s Golden Triangle have an eye on Paeroa as the large site housing New Zealand’s top engineering, infrastructure management and construction services provider goes up for sale.
The leasehold land of approximately 4700sq m underpins two substantial storage buildings, office and staff facilities and a large, fenced courtyard.
Its location in Paeroa places the site close to major access routes to the triangle bounded by Auckland, Tauranga and Hamilton.
The site is fully leased to Downer, the largest provider of services to New Zealand asset owners, with a focus on transport, utilities and facilities.
The company pays an annual net rent of $86,130 plus outgoings and GST on a current lease that runs through to 2025, with two further one-year rights of renewal.
The land and buildings at Lot 5, Coronation St, Paeroa, are being marketed by Steven Pett of Bayleys Hamilton.
The property will go under the hammer on Thursday 8 December.
Pett said the large Industrial-zoned site contained two sizeable buildings with a combined floor area of some 576sq m.
“The office and sheds, small and large with warehouse space, plus a large fully fenced courtyard with a solid surface, cater to diverse needs,” he said.
The modern, low-maintenance buildings are accessed via large roller doors.
“With a strong national tenant in place and located within an hour and a half’s drive of Hamilton, Auckland and Tauranga, this property will attract wide interest as a tenanted investment.
“Despite the superb location, there are limited opportunities to buy quality commercial properties in Paeroa.
“This will make the Coronation St site a highly prized asset for investors – all the more so, given the calibre of the tenant.
“The very good layout and presentation of the site and buildings would suit a multitude of users,” Pett said.
Paeroa is the main town in Hauraki District and headquarters to the council.
“World famous in New Zealand” as the home of the fizzy drink Lemon & Paeroa, the region is home to more than 6000 people.