3 Edinburgh Street, Onehunga, Auckland
The property is located within the Onehunga industrial precinct in Auckland, and is leased to Earthcare Environmental Limited who use the site as a green waste and recycling facility. The lease commenced on 1 July 2022 with a term of 15 years, expiring in 2037. The tenant has a further right of renewal of 10 years. The lease includes fixed annual increases of 2.5%, with a market rent review at year 8 (2030) that will provide stable long-term income for the fund. Earthcare have demolished the old 1930’s buildings on site and plan to build a new 1500sqm warehouse facility.
Earthcare Environmental Limited
The above stats are as at 31 March 2023