25-29 MAHINUI ROAD, FIELDING

TENANT
Fibreglass Developments Limited

SEISMIC RATING
70% NBS

LEASE
Three years + three
Rent review: Rent increase structured yearly until 2026
Outgoings 100% Payable by tenant

LEASE RISK MITIGATION
The property is under-rented. The configuration of the building along with the land size of 15,565sqm creates future development opportunities.

Building of 4,802 sqm with significant yards and carparks is located in the thriving Riverside Industrial Park, near SH54 and a few minutes from Feilding. Total land area is 15,568sqm and the predominantly high stud building was purchased  ($3.23m August 2021) well below replacement cost (estimated at $11m plus excluding land value) .

The property is home to Fiberglass Developments Limited (FDL) who have tenanted the property for close to 20 years and have invested in significant plant at the site.

30 AHUMAI ROAD, WAINGAWA, MASTERTON

TENANT
Power Related Services Ltd

SEISMIC RATING
80% NBS

LEASE
Five + five + five. Final Expiry 2036
Rent Reviews: Two Yearly
Outgoings 100% paid by tenant

LEASE RISK MITIGATION
30 Ahumahi is set in the growing Waingawa Masterton Industrial Park. The adjacent large commercial block has just been purchased for development.

Power Related Services has been servicing the wider Wairarapa Community since 2002, providing their clients Power Construction.

As a Powerco Approved major works contractor, they offer their services to farmers, new house builders, construction of submissions and Wairarapa Councils. The Wairarapa has been discovered and is booming. The lease is Personally Guaranteed.

2 VOGEL STREET, NAENAE, LOWER HUTT

TENANT
NZ Government, Ministry of Social Development

SEISMIC RATING
68% NBS

LEASE
Rent Reviews:  Three yearly

LEASE RISK MITIGATION
Long term Government tenant, situated in one of NZ’s biggest clusters of Government Social Housing.

Originally an industrial building (Place Makers were once a tenant) it can easily be converted back to simple industrial. The building underwent a significant upgrade in 2019.

FARMSOURCE PAHIATUA, 52 MAIN STREET, PAHIA

TENANT
Farmsource is a subsidiary of Fonterra, one of NZ’s biggest companies.

SEISMIC RATING
79%

LEASE
Term Remaining: 5 years. Final Expiry 2030
Right of Renewal: Three of three years
Rent Reviews: 2026 and 2028

FARMLANDS, 1121 DEVON ROAD, BELL BLOCK, NEW PLYMOUTH

TENANT
Farmlands - top national tenant in robust industry.

SEISMIC RATING
100%

LEASE
Lease expires December 31st 2025 and the building will be placed on the market to sell.