Family trust's sale a rare opportunity

Two adjoining industrial buildings forming a large warehouse and offices on a 7006sq m site at the popular Wairau Valley industrial estate on the North Shore are being sold by a private family trust.

The property, at 24-26 Poland Rd, is being marketed by Paddy Callesen and Simon Farland, of CB Richard Ellis, and will be sold by deadline private treaty closing at 4pm on Tuesday, November 15, unless already sold.

"This is a significant industrial facility on a large elevated site in the Wairau Valley," says Paddy Callesen. "It comprises two 1970s business 9-zoned industrial buildings consisting of two levels of offices, amenities and laboratories to the road frontage with warehousing to the rear. In addition, there are various specialised areas throughout the complex, such as mixing rooms, chemical storage areas and plant rooms."

The offices are partially partitioned and air-conditioned. The separate warehouses offer clear-span accommodation and stud heights of 5m to 8.4m at 26 Poland Rd and 5.3m to 7.3m at 24 Poland Rd.

Callesen says investment opportunities of this quality come to the market rarely in the popular location.

"Investors in the ever-popular Wairau valley have been starved of choice for large freehold industrial investment properties particularly those with such strong fundamentals," Callesen says. "The long length of the lease, the lengthy occupancy history and an unquestionable tenant covenant underpin the strength of this asset.

"The size of the site and its established and in-demand location will always be of value, so we expect this will appeal to a wide variety of investors."

Farland says both buildings are leased to Chemcolour Industries, which has occupied them since 1989. They have a lettable area of 4713sq m.

Chemcolour has recently exercised its eight-year right of renewal at a net annual rental of $435,500 plus GST from June 30.

Farland says Chemcolour Industries was established in 1989 and is a leading manufacturer and distributor of chemicals for the New Zealand, Australian and export markets. "Chemcolour provides access to over 3000 products in over 20 countries worldwide, as well as extensive specialist and technical support. The company's Australasian head office is located in Auckland along with its manufacturing facilities, warehousing, development and application laboratories and quality control."

In addition to the Chemcolour brand, Nutura New Zealand is the Food and Nutrition Division of Chemcolour Industries and is a specialist food ingredient and nutraceutical supplier to the New Zealand food, beverage, and health supplement sector.

Poland Rd is in the heart of the Wairau Valley that provides access to the main thoroughfares of Archers Rd and Hillside Rd.

Farland says that the immediate surroundings are experiencing increased intensification and growth.

"Bunnings Warehouse has opened a new superstore on the former 3M site which will provide increased patronage to the area in addition to the Mitre 10 Mega store, which is now well established on Poland Rd."

Access to the Northern Motorway is a short distance away at Tristram Ave or Northcote Rd interchanges.

Farland says the locality lends itself to larger format occupation given this close access.

It is also conveniently positioned in a supporting industry and workforce catchment.