Property Description

The Wairarapa has virtually nil industrial vacancy and this property is one of the smartest.

New 5-year lease.

The rental of $145,000.00 pa net (plus GST and all outgoings) will be paid from settlement but includes the additional 431m² of warehouse/office to be completed in early 2023. The completion of this addition will be secured by a personal guarantee backed by a bank bond.

The new construction takes the total building area to 1,162m² of which approx 80m² is of high-value freezer panel construction within the 450m² warehouse/factory, ensuring a 100% bee-free and temperature-controlled environment. The gross rental is approximately $133.60m² plus GST but that allows nil rental for the 150mm reinforced (double mesh) concrete yard.

The tenant is Hillcrest Hives Ltd, a heavyweight in the honey industry. Manuka Health NZ Ltd owns 85% of Hillcrest and MH NZ Ltd is in turn owned by Jersey-based GGL Assets. The owner of GGL is Hong Kong’s Guoco Group with a market capitalisation of US$4.6 billion.

11 Pakihi Road is offered for sale at $2,400,000.00 (plus GST if any).

The draft Deed of Lease – and new building and extension plans are contained within our Dataroom. Inquire and request access.

Due Diligence Information

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New lease - Smart complex - Great tenant

11 Pakihi Road, Waingawa, Masterton

1,162 m²
Basic Details
Listing ID : 1619
Listing Type : For Sale
Land Area : 3,463 m²
Floor Area : 1,162 m²
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