The 9.7134ha site is extensively sealed with a large concrete hardstand area adjoining the drive-through warehouse. Devereux says there is ample land available for expansion of the warehouse space.
Toll Carriers has a 15-year lease over the property from March 2007, with a further right of renewal of 15 years, which would make the final expiry date 2037 if this was exercised. Devereux says Toll has a contractual obligation to give three years' notice with regards to its decision to renew the lease.
The property has a current net annual rental return of $1,082,916, with annual rent reviews to the Consumer Price Index with a minimum of 1 per cent and maximum of a 2.5 per cent increase. The Toll business was founded in Newcastle, Australia, in 1888 by Albert Toll, who began by hauling coal by horse and cart. From a strong base in Australia, it has expanded into more than 50 countries and employs more than 45,000 people.
In New Zealand, Toll bought a majority stake in Tranz Rail Holdings (formerly NZ Railways) in 2003, before selling its rail and sea operations to the New Zealand Government in 2008 for $665 million as Labour renationalised the country's rail services. In the same year, Toll also bought New Zealand trucking firm United Carriers. It now describes itself as New Zealand's largest domestic freight forwarder and also provides third party logistics (3PL) services.
The Whangarei warehouse is divided into three areas, with the main one providing a large drive-through facility for large trucks which features extra wide access at both ends and a stud height of approximately 8.5m. Toll sub-leases part of the building to Coca-Cola for its distribution centre into Northland.
The offices are built over two levels, with the ground floor providing the entry and reception areas, various meeting and training rooms, an amenities block, plus a substantial lunchroom opening on to an exterior covered courtyard. Upstairs, the mezzanine offices are open plan with good natural light. There are additional dispatch offices around the outside of the building.
Caldwell says the Whangarei district has one of the few deep water ports in the country, which provides easy access to national and international markets and gives businesses an edge over other New Zealand provincial cities.
He says Northland has a solid base of pastoral farming, horticulture, forestry, wood processing and tourism, which is now being complemented by a new wave of investment and industrial development.
"There are plenty of economic initiatives coming on line in Whangarei, including the Northland Aquaculture Development Strategy which aims to see aquaculture in Northland developed into a $300 million industry employing more than 700 extra workers in less than two decades.
"The sea off Northland's entire west coast has also been opened up for oil and gas exploration. A survey by Crown Research Institute GNS Science found the Reinga Basin could hold the most promising oil and gas fields in New Zealand, with the potential benefits being a game changer for the Northland region," Caldwell says.
"Northland Inc has also signed a memorandum of understanding with Hawaiki Cables to land a $430 million submarine cable system at Whangarei capable of carrying massive amounts of data between Australia, New Zealand, Hawaii and the West Coast of the United States.
"This project could be up and running within two years and Northland Inc chairman Colin Mitten says it is planned to develop information and communication technologies to substantially strengthen and diversify Northland's economy and create new job opportunities," he says.
