Two neighbouring fully-leased warehouses at the bottom of Wellington's Ngauranga Gorge have been put up for sale by DNZ Property Fund.
The company, which is streamlining its portfolio, is selling Fonterra's Wellington distribution depot and the ACM New Zealand depot at 12 and 14 Tyers Rd.
The two properties are being sold separately with tenders closing October 31.
The Fonterra base includes a 940-square-metre warehouse, a two-level office and amenity block, dock loading facilities with a canopy along its full length and a 1000sqm sealed yard.
Bayleys director Mark Hourigan said it was purpose-built for Fonterra in 1999.
The property was paying a net lease of $225,494 on its lease which ran to October 2014 with a six-year right of renewal.
The property has a 2009 rating value of $2.25 million.
ACM New Zealand, a subsidiary of Linfox Australia, leases the adjoining 8600sqm property at 14 Tyers Rd.
One of Ngauranga's best warehouse complexes, it has a 9.5m stud, quality office and amenities, plus extensive car parking and yard areas.
"This property was originally designed and built for Fisher & Paykel in the 1990s and has maintained its modern edge having undergone refurbishment at the commencement of the current long-term lease," Hourigan said.
"Overall this property provides an investor with a generic, modern, fully-leased investment in a proven and enviable industrial location. With annual CPI rental growth and a market review every five years, it is a perfect bottom drawer family trust investment," Hourigan said.
The net annual rental is $355,460 with ACM having a 12-year term from 2010 and two, six-year rights of renewal.
The property has a 2009 rating value of $3.95m.
- © Fairfax NZ News
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