An industry-leading coolstore facility in Whakatu, Hastings, is on the market, offering a unique investment opportunity. The facility, which is crucial for post-harvest operations, is leased to Mr. Apple, New Zealand's largest apple exporter and a Scales Corporation subsidiary. The property, encompassing a 3.932ha site and an additional half share in 2,471 square meters, is part of Bayleys' Total Property portfolio and is up for sale by tender, closing on 4th December 2024.
This high-grade asset, located in the heart of New Zealand's fruit bowl, features 10 coolstores, five loading pods, and advanced refrigeration systems across 6,996 sqm of lettable area. It is designed for optimal temperature control, energy efficiency, and safety, making it a cornerstone of the country's apple production infrastructure.
The facility benefits from a 20-year triple net lease to Mr Apple, ensuring $1,500,000 net per annum with potential for rental growth. The lease includes annual rent increases of 2.5% and market rent reviews every 10 years, providing income security and growth potential for investors. The strategic location near Hastings and Napier Port, coupled with its state-of-the-art design, positions the property as a premium investment in New Zealand's agribusiness and export sectors.
Source: Stuff