Big warehousing facilities on market

Big Chill's Palmerston North cool store at 43 Alderson Drive services a fleet of 130 refrigerated trucks. Photo / Supplied

Bayleys is selling two large purpose-built warehousing facilities, both of which service multiple markets in the Lower North Island.

The first, a 4-year-old cool store facility in Palmerston North, is leased to refrigerated foodstuffs trucking firm Big Chill. It delivers produce daily to supermarkets and the foodservice sector from Wellington in the south to Taranaki in the north.

The 1504sq m facility sits on 7552sq m of Industrial-zoned freehold land at 43 Alderson Drive. Big Chill has a 12-year lease on the site running through until 2025 with two further seven-year rights of renewal, generating annual net rent of $369,937 net.

Big Chill operates a fleet of 130 refrigerated trucks throughout New Zealand, storing and delivering cartons and pallets. The Palmerston North plant is configured into various freezer, chiller, office space and plant room area - all complying to 100 per cent of new-build standards.

The company's trucking fleet has access to the temperature-controlled holding and loading space through any of seven docking bays. The property is fully security-fenced.

Bayleys Wellington salesperson Fraser Press says the Palmerston North cool store facility is strategically positioned in a format allowing for future expansion in parallel with Big Chill's forecast business growth.

"The cool store building and administrative offices are located with some 1692sq m of vacant land at the rear of the existing structure. The positioning also allows for high frequency trucking movements on 2965sq m of concreted yard at the front of the premises," he says.

The other facility for sale is a 2778sq m warehousing operation at 15 Eastern Hutt Rd, Wingate, Lower Hutt - containing the Lower North Island logistics depot for home furnishings and electronics store Harvey Norman. The warehouse sits on a 4108sq m fully security-fenced freehold section.

The 15 Eastern Hutt Rd property at Wingate in Lower Hutt serves as a Harvey Norman depot for home furnishings and electronics. Photo / Supplied

The high stud Eastern Hutt Rd Harvey Norman warehousing depot was constructed in 2006 and features three high roller doors, internal offices and mezzanine storage above.

The warehouse has concrete foundations, concrete flooring and pre-cast concrete wall panels with concrete columns supporting steel portal roof beams.

There are two administrative spaces, a lunchroom, and separate bathroom facilities. The large 1438sq m docking yard and car parking zone are fully concreted.

Harvey Norman has a five-year lease on the property running through until 2021 with four further five-year rights-of-renewal, generating annual rent of $264,230 plus GST. Rates, insurance and building compliance costs are all paid by the tenant.

The properties are being separately marketed for sale by tenders both closing on April 12 through Bayleys Wellington with listings in Bayleys' latest Total Property portfolio magazine.

Press says the quality of both properties, combined with the robust profile of their tenants and their long lease terms, should attract interest from the investment sector.