"They'll be helping to solve the puzzle of what to do with the five million tyres New Zealanders throw away each year.
"This is a standout for Wiri — a large open space with $400,000 of tenant improvements, funded by a well-capitalised tenant which is motivated to stay."
He says the plant, requiring multiple freight movements daily, has been purposely located 1.5km from State Highway 20, about 5km from SH1 and less than 9km from the airport.
It is about 100m away from the Stonehill Business Park, in a neighbourhood comprising tilt-slab buildings tenanted by the likes of Plumbing World, Tyremax, Superfreight and Cargo Plus.
Zoned Heavy Industry, it has a large open space with a 5600sq m reinforced concrete slab 150mm thick, at its centre. Concrete rated at 30 MPa creates a platform for combi-lifters and specialised loading equipment.
Waste Management has also invested in an electricity transformer capable of generating up to 750 KVA and a weighbridge.
"Equipment and machinery here allows for up to 30,000 tonnes of unusable tyres to be processed annually," says Steele.
"They're shredded and the rubber broken down, ahead of transportation to Golden Bay Cement.
"To help to enable that, excellent access and manoeuvrability is designed-in, along with a connecting weighbridge for trucks."
Patel says improvements funded and purpose-built by Waste Management will benefit the new owners for many years to come. "The concrete slab offers enduring usability for future tenants. And on lease expiry it must be vested back to the landlord in a state of good repair — enabling higher long-term rental return at no additional cost to the owner."
Patel says Waste Management is New Zealand's largest waste collection provider. Owned by Beijing Capital since 2014, it reported a profit of $28m in 2017.
"It has a five-year lease on the site which earns $174,720 plus GST per annum; with 4 per cent annual growth rate factored in, and a five-year right of renewal. The next market rent review is in 2022."
