"It's clear from this landmark sale that demand for investment-class assets in the Hawke's Bay is as strong as ever."
Colliers Industrial national director Goldfinch said the asset's strong tenant covenants were a key selling point, being fully occupied by a strong mix of local and international tenants in the food and packaging sectors.
Established by the Taylor family, the Tomoana Food Hub is occupied by Tomoana Warehousing, Chinese-owned Jamestrong Packaging and Fonterra, which together return almost $2.56m in net annual rent.
Blair says Hawke's Bay has a particularly strong industrial property sector due to the underlying productivity of the regional economy, and adds: "The main driver is the primary sector, which is underpinned by robust horticulture and viticulture businesses.
"As a result there is strong demand for quality industrial properties, especially within the food production, distribution and rural services sectors."
The Hanui Rd property was purpose-built in 2017 as a thoroughly modern manufacturing facility with a warehouse, office, amenities, environmental load-out, dangerous goods store, concrete yard, asphalt sealed parking and security fencing.
The Elwood Rd property, accessed via an enclosed linkway, is an 8642.8sq m industrial facility on a 1.71ha site. Constructed in 2000, it comprises a contemporary high stud, dry store warehouse with associated office and amenities.
Fonterra occupies a 753.6sq m facility on a 1.29ha site. It comprises a purpose-built coolstore distribution facility with a mix of freezer, chiller and ambient storage, a canopy with raised loading dock, and a small office area.
The remaining 8.8ha of industrial land on Hanui Rd will be retained by the owners for further food-related industrial development.