Rembrandt to sell suit factory
Rembrandt Suits is selling and leasing back its Lower Hutt headquarters.
The Naenae factory, warehouse and office complex on the corner of Cambridge Tce and Gregory St, is being sold with a nine-year lease back to Rembrandt Suits. Tenders close on September 27.
Managing director David Lyford said funds from the sale would be redirected to other parts of the business.
Bayleys agent Fraser Press said it was a half hectare corner site in the industrial precinct with nearly 4000 square metres of manufacturing, warehousing and office space.
The facade was modernised with a total refurbishment of the 1950s building and the warehouse had been extended in 1982 and 1992.
“It’s a good-looking building that has become a recognisable part of the Naenae streetscape,” says Press.
“The majority of the office space is located at the front of the building over two levels facing Cambridge Tce, and the property is well-catered for with amenities due to the high numbers of staff. This includes a modern cafeteria which is well used.”
The warehousing component fronted on to Gregory St.
The property returned a net annual income of $256,000. The nine-year lease would run from settlement and there were three, three-year rights of renewal.
Other major businesses in the area included Bunnings Warehouse, Resene Paints and New World supermarket.
The Dominion Post