New Zealand Post's huge Te Puni Mail Centre in Petone has been sold as preparations for the processing of Wellington's mail in a new Palmerston North site begin.
The mail centre on the Petone Esplanade has been sold to private investment and equity company Seaview HP Ltd, a division of The Hodge Group, whose principals are father and son John and Shayne Hodge.
The prime 2.3-hectare waterfront site with extensive warehouse and administration facilities was sold for $15.4 million - its 2013 rateable value - with a lease back in place to NZ Post until August next year.
By then the Manawatu Mail Centre will be processing all of the lower North Island's post in Palmerston North.
Last week the government organisation announced it was taking over 39 Malden St, Roslyn, the current processing site of Steel and Tube, and would shift from its mail centre building in Tremaine Ave to the Roslyn site next March.
It is a decision that has been a long time coming after NZ Post announced it was cutting its main mail centres from six to three in June. That brought with it an announcement of 180 new jobs for Palmerston North.
Those numbers could not be accommodated at the current site on Tremaine and Matthews avenues on the western side of Coronation Park, which has a warehouse just 2111 square metres in size.
The 9401sqm Malden St site has a roughly 4000sqm building on it, which NZ Post will renovate and expand by about 1500sqm to accommodate four mail-processing machines.
The Steel and Tube building has a capital value of $3,875,000 and was sold to the Palmerston North developer last year for $3 million.
- Manawatu Standard
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