Price Reduction $13.5m (8.7% yield)
1478 Omahu Road, Twyford, Hastings, Hawke's Bay
Asking price $13,500,000
- 10544m² Floor
- 13289m² Land
Colliers Hawke’s Bay have been exclusively appointed to offer to the market 1478 Omahu Road, Hastings for sale.
The 1.33ha freehold site is located in the heart of the Omahu industrial area, a tightly held location that is approximately 7km from the Hastings CBD and is home to a mixture of well-known international and local brands, including Freshmax, McCain Foods, and New Zealand Frost Fans. The property has a 2,496sq m cool store, a 1,064sq m controlled atmosphere building, and two cold store facilities that measure 1,073sq m and 2,553sq m, respectively. All buildings offer functional stud heights and the cold stores run at a temperature of -20 degrees Celsius. There is substantial canopy space and administration offices, while the property includes a sealed yard area spanning 1,610sq m. The property has a 100% NBS rating.
The property is leased to Everest Kool Property Limited, one of the busiest cold storage and distribution operators in Hawke’s Bay that services food producers, growers, retailers, and distributors on a 11 year lease term commenced April 2023. The lease extends one further right of renewal of 5 years, if exercised the final expiry date being 31 July 2039. Returning $938,896 net pa + GST (increases to $988,312 after completion of capex works that the Vendor has committed to with expected completion by December 2023) and a market rent review in August 2025 to an already agreed and set rental increase to $1,175,000 net pa + GST and three yearly market reviews thereafter. The vendor will underwrite the rent to $1,175,000 net rental pa until the 2025 fixed rental commences.
Cool store facilities such as this one are rarely presented to the open market and represent the opportunity to acquire a premier asset with considerable long-term upside. Contact Danny Blair for further information.