CBRE (Agency) New Zealand as the exclusive selling agent is proud to present a prime investment property at 375 Tremaine Avenue, Palmerston North. Offering a unique opportunity to secure a substantial industrial facility well positioned in the central distribution hub of New Zealand’s North Island, Premier Beehive NZ (Beehive) are the sole occupants of the 2.12ha freehold site.
Beehive are a subsidiary of JBS Foods the world’s largest meat processing company. The multinational with an exceptionally strong covenant has renewed their lease for 11+5+5 years with fixed 5% annual reviews providing secure income with guaranteed growth on long tenure.
Zoned General Industrial, the improvements provide a combination of clear span freezer and chiller accommodation, warehousing, storage and compressor sheds with stand-alone offices and amenities. New refrigeration plant and machinery has recently been installed by the tenant and remains their ownership and responsibility.
Investment Highlights:
- Core plus industrial distribution centre
- 11 year lease to Premier Beehive
- Rental $1.117m with 5% annual reviews
- New refrigeration plant owned by and responsibility of the tenant
- Site coverage 30% on 2.12ha (approx.)
- Attractive IRR metrics
