The Centuria NZ Industrial Fund is pleased to announce the settlement of 78 Tidal Rd, Mangere, Auckland which was finalised on the 22nd of October for $48.9m. The property forms part of South Auckland’s latest high quality industrial and logistics hub and comprises a brand new, architecturally designed 15,000 sqm industrial facility of two warehouses with adjoining offices on a 4.98ha site. The larger warehouse, generating 75% of the income, has been purpose built as Hancocks Wine, Spirit and Beer Merchants’ national distribution facility and head office, with a 12-year lease plus 2 x 5 year rights of renewal. The smaller warehouse has an initial four-year lease to vehicle accessories company AutoPacific. Both leases have fixed annual rental increases of 2.5%, with Hancocks’ lease also having four-year rent reviews to market.
Ben Harding, CNZIF Manager, commented, “The settlement of the Tidal Rd property continues to build on the strong foundations of the Fund, which following settlement now comprises a well-diversified portfolio of 21 properties, 52 tenants and a value of c.$550m. The asset further enhances key fund metrics to include a Weighted Average Lease Term (WALT) in excess of 5 years, Fund occupancy of 97% + and total portfolio weighting to the strongly performing Auckland industrial market of 76%.”
This article has been updated
Centuria NZ Settles the Acquisition of Brand New Industrial Asset on Tidal Road
The Centuria NZ Industrial Fund is pleased to announce the settlement of 78 Tidal Rd, Mangere, Auckland which was finalised on the 22nd of October for $48.9m. The property forms part of South Auckland’s latest high quality industrial and logistics hub and comprises a brand new, architecturally designed 15,000 sqm industrial facility of two warehouses with adjoining offices on a 4.98ha site.
A trans-Tasman ambition fulfilled
Mark Jennings | Newsroom An Australian property company founded by Kiwis aims to become truly Australasian following its local acquisition, Mark Jennings reports. (Content partnership) Fresh out of Auckland University, 21 year old Jason Huljich headed to Australia and got a job with another expat Kiwi trying to sort out problem properties in Sydney – properties that had fallen into disrepair or had lost tenants.6.5%p.a. Forecast Pre-Tax Return in the Industrial Property Sector
The age old question of how to make the most of your investment dollar is especially significant in the current economic climate. It’s no secret that we Kiwis love owning houses but there are alternative ways of including property within your investment portfolio – for as little as $10,000 with forecast 6.5%* p.a. pre-tax returns. The industrial property sector includes the likes of warehousing and manufacturing facilities and has consistently outperformed other commercial property sectors with the highest total returns over the past five years.
