Ben Bayley says the property is being auctioned as one lot but a new owner would have the flexibility of being able to divide it into two tenancies at the expiry of Delegats' lease and also have the option of reselling the buildings and their titles individually. "So there are some add-value possibilities further down the track for a long-term investor," Bayley says.
Delegats, established in 1947, is one of New Zealand's largest wine companies. In its last financial year the company recorded global case sales of 1.946 million generating revenues of $222 million and an operating net profit after tax of $26.3 million.
It has vineyards in Marlborough and Hawkes Bay and last year acquired the Barossa Valley Estate vineyard in South Australia. It has focused on the premium export end of the market with its Oyster Bay brand continuing to achieve strong sales growth internationally, with sales to North America up 25 per cent to 670,000 cases in its June 2013 year.
Adams says Glendene has a small industrial precinct which consists predominantly of properties located between Akatea St and Bancroft Crescent, a long circular street which loops into Akatea St further east.
The location is about 10 minutes from the Te Atatu Rd interchange with State Highway 6 and a further 10 minutes from the Auckland CBD in non-peak traffic.
Adams says property in the Glendene industrial precinct is tightly held and it's not often that an opportunity such as this arises.
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