The Warehouse's 21.7ha North Island Distribution Centre is the largest industrial property in New Zealand
The sale of The Warehouse’s 21.7ha North Island Distribution Centre for $90m represents New Zealand’s biggest-ever industrial property asset sale.
The Wiri property was sold to Accident Compensation Corporation through Peter Herdson, Charles Cooper and Greg Goldfinch of Colliers International.
The giant distribution centre is on two titles at 13 Bolderwood Place and 92 Langley Road, South Auckland. It is leased back to The Warehouse for 20 years, with rights of renewal. The centre distributes general merchandise to 57 stores and also sends consumables and apparel to The Warehouse’s network of 89 stores around New Zealand.
Colliers International has also sold two retail stores on behalf of The Warehouse, in Palmerston North and Queenstown, to local investors. Both are leased back to The Warehouse for a 10 year term with rights of renewal .
A third store at Snells Beach is under contract which will also be leased back to The Warehouse.
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