Workshops for sale with leaseback offer.
An aircraft maintenance, repair and refurbishment company is selling, with a long-term leaseback offer, its large hangar and industrial workshops alongside the runway at Hamilton Airport.
The property at 3 Boyd Rd, Rukuhia has been developed and expanded by Hamilton Aero Maintenance, which will take back a 10-year lease from December once the property is sold, with two-yearly rent reviews and four rights of renewal of five years each.
The company will also continue to pay the ground rent on the property, which will initially produce net annual rental income of $141,000 for its new owner.
The property, which is being sold to fund the firm's expansion plans, will be auctioned at Bayleys' Hamilton offices on November 29, and is being marketed by Andrew Shaw and Mike Swanson of Bayleys Waikato.
The buildings on the 1.0952ha airport leasehold site all have runway access and total of 2588sq m of workshop, warehousing and office space in three separate buildings.
The first building, a two-level office/workshop, was completed in the mid-1980s. The main hangar was built in 1987, with additions in 1996 giving it a current size of 1274sq m.
It has a concrete floor, steel portal frame and Coloursteel cladding, with a stud height of 5m. The third building, of similar construction materials to the hangar, was completed in 2003, providing backup hangar space.
Shaw says Hamilton Aero Maintenance was established in 1984 by airline-trained engineers and has grown to a point where it is planning to expand into offshore markets. He says it has a long and successful history of providing a comprehensive range of aviation services and aircraft maintenance and refurbishment, handling everything from small planes up to larger passenger jets from its Rukuhia base.
The company has full New Zealand Civil Aviation Part 145 accreditation, and carried out pre-service checks and defect rectification on Boeing 737-200 aircraft overnighting in Hamilton from 1985 until their withdrawal in September 2000. It continues to service A320s at Rotorua Airport, as well as providing a range of ground-support services for planes arriving at Hamilton Airport.
Its clients include private, commercial and airline customers throughout New Zealand and overseas, from individuals to major airlines and governments. Maintenance work is also undertaken on a number of the country's air ambulance service aircraft.
Services include component and electrical overhauls, avionics and instrument testing for both fixed-wing planes and helicopters, as well as aircraft maintenance and testing. Shaw says Hamilton Aero Maintenance has a worldwide reputation for its aircraft refurbishment work which includes custom painting, interior refurbishment and modifications for private and business aircraft.
The high-stud, multipurpose property is easily accessible from both State Highway 3 and SH1, and is about 15km from Hamilton's CBD.
On offer: Aircraft maintenance buildings.
Where: By Hamilton Airport's runway.
Attraction: Long-term leaseback.
Earning: $141,000 per annum.
Auction: Thursday, November 29, Bayleys Hamilton.