Hamilton trailer firm puts its industrial property on market
A prominent office and warehouse building with a long-standing occupier in Hamilton’s sought-after industrial precinct of Te Rapa has been placed on the market.
145-149 Maui St offers 1920sq m of total net lettable area on a 5201sq m landholding spread across three separate freehold titles.
The property is home to Kea Trailers, one of the country’s leading light trailer manufacturers with more than 40 years’ experience in the industry.
Kea Trailers is the vendor and has agreed to a sale and leaseback that includes an eightyear lease that will begin on settlement, with two further rights of renewal in place for four years each.
The lease agreement returns $300,000 plus GST and outgoings in total annual net passing income.
Maui St is strategically located in the north of Te Rapa’s industrial area. The property enjoys extensive frontage to Te Rapa Rd and is easily accessible from the surrounding roading network.
The Base Shopping Centre, which has nearly 200 stores, is approximately 3km from the property.
Colliers Hamilton directors Mark Brunton and Alan Pracy are marketing the property for sale by deadline private treaty closing at 4pm, Thursday March 2 unless sold prior.
The Maui St property is a modern industrial building that has a 1450sq m warehouse that includes an office and staff area, while there’s also two floors of office space.
The mezzanine office covers 137sq m and was added approximately three years ago, while the ground-floor office provides 140sq m of space and has been partially refurbished since the property was originally constructed. There is also 193sq m of canopy.
Brunton says the property is a premium industrial offering that serves as a highly functional workspace for a well-known brand. “The building has been constructed with concrete floors, and a steel portal frame with the exterior being galvanised steel above a tilt slab base.
“The recent addition of the mezzanine office has proven beneficial for the current occupants and the spacious warehouse is serviceable for their operations.”
Pracy says the property provides a strong tenant covenant that will be highly appealing for buyers. “The current occupants are committed to the premises with a lengthy lease agreement with further renewals available.
“The lease also includes 2 per cent annual increases with market reviews every four years, ensuring there is built-in rental growth for the future owner.
“This property has all the key fundamentals of a prime passive investment opportunity with an established occupant in a modern and functional premises.”