Tenant Bridgestone New Zealand Ltd is a wholly owned subsidiary of Bridgestone Corporation, the world's largest tyre maker.
The company was on a nine-year lease and has recently exercised a second right of renewal of three years from November 2019. Four more rights of renewal extend final expiry to 2034. The lease earns $133,543 plus GST in net annual rent.
"This property has rock-solid fundamentals, including a superb location, strong tenant covenant and A-grade modern construction," Jarvie says.
"It is within the northern industrial precinct of Te Rapa Park and offers easy access to State Highway 1, 4km away.
"The property was purpose-built for Bridgestone New Zealand. An exceptional tenant covenant, backed by household name recognition, makes 1 De Leeuw Pl an exceptional, secure passive investment."
Alan Pracy, director of Colliers Hamilton, says the property is of full-height concrete construction with a separate yard and customer parking.
"The building is superbly presented and of excellent quality, with an A-grade seismic rating," he says.
"A 774sq m warehouse with dual roller doors provides drive-through access and features a stud height that accommodates large vehicles.
"A 176.6sq m office is split over two levels and features an entry foyer as well as a lunchroom for staff. The property also has 130.7sq m of storage and 189.8sq m of canopy.
"The site has a 900sq m yard which allows for trucks to come and go with ease and also has car parking.
Mark Brunton, director of Colliers Hamilton, says notable nearby tenants include other automotive brands Repco, Supercheap Auto and a number of car dealerships.
"Big box and trade retailers in the area include Placemakers, Carters, and numerous furniture outlets including Harvey Norman, Big Save, Hunter, Danske Mobler, Early Settler and Bedpost."
The property is zoned Industrial under the Hamilton City Council Operative District Plan.
