20 Paisley Place, Mount Wellington

Well located industrial property with a long triple net lease to a national tenant

A substantial industrial property well located in the established industrial suburb of Mount Wellington. The property incorporates high demand cool store and distribution facilities.

The property is tenanted by Icepak Limited who have a lease with a first expiry in 2023, rights of renewal until 2043 and annual rental growth fixed at 2% p.a. The lease is structured as a triple net lease which means the tenant is responsible for all operating and capital expenditure during the term of the lease insulating Centuria NZ Industrial Fund from liability save for an obligation to apply any insurance proceeds received towards repairing any damage or destruction of the property). Icepak is a storage and logistics business and is a subsidiary of Hall’s Group Limited which has been in business for 40 years and guarantee Icepak’s obligations under the lease.