The land and buildings housing a world-class manufacturing facility for a New Zealand dairy exporter have gone up for sale in the heart of Hamilton’s leading industrial precinct.
The freehold property for sale at 8-10 Kaimiro Street, sits within the established Te Rapa industrial area which has rapidly grown to become the city’s industrial location of choice.
The state-of-the-art production facility of approximately 5,100sq m was originally constructed in 2005 and then extended in 2018 for the current tenant manufacturer of milk powder products by New Zealand-operated dairy producer Bodco.
Established in Hamilton in 2014, Bodco is a major supplier of nutritional-grade and lifestyle milk powder-based products to global markets, including significant exports to China. Its modern, pharmaceutical-grade Kaimiro Street facility incorporates cutting-edge packaging technology, operational processes and hygiene designs.
Bodco pays net annual rent of $713,125 plus outgoings and GST on a lease which runs through to 2030, with a further 12-year right of renewal. The lease incorporates three-yearly market rent reviews, with the first one due in November.
The property at 8-10 Kaimiro Street, Te Rapa, is being marketed for sale through Colliers, by way of deadline private treaty closing at 4pm on Wednesday 7 April, unless it is sold earlier.
Alan Pracy, Sales and Leasing Director at Colliers, says the building for sale occupies a freehold site of some 8,946sq m.
“The property consists of a sizeable industrial factory with two levels of ancillary offices originally constructed in 2002, along with substantial additions completed in 2018.”
The structure has an A-grade IEP seismic rating of 95 per cent of new building standard.
Two levels of offices are located at the front of the site, overlooking Kaimiro Street, with aluminium-framed glazing to both levels, and Alucabond and Titan board panelling.
The ground-floor layout encompasses a foyer, production office, laboratory, toilets and canteen.
“The ground-floor offices are fully lined with Gib-board walls and incorporate suspended ceilings, floor coverings, partitioning and air-conditioning. These were refurbished in 2015.
“The upper-level offices are subdivided to the tenant's requirements and include modern amenities and fitout including floor coverings, partitioning and air-conditioning. These offices are attached to the original factory, which consists of a warehouse with a 5.5m - 6.0m stud with concrete tilt slab external walls,” says Pracy.
Works completed in 2018 include a new production extension, dry-store warehousing and covered loading area.
“The production extension is of a similar configuration and design to the existing factory. To the northern side of this is the dry-store which adjoins the existing factory, with a 7m - 8m stud warehouse and exterior walls which are a combination of concrete tilt panel and Zincalume.”
All factory areas are insulated, temperature-controlled and equipped with sprinklers, says Pracy.
A covered loading area adjoining the dry-store/warehouse provides covered vehicle access to the northern side of the buildings. This enables convenient drive-around access and direct loading into the dry-store.
Pracy says owners and tenants benefit from the property’s location in the heart of the coveted Te Rapa industrial precinct.
From here, the Kaimiro Street property boasts easy access east into the residential suburbs of Pukete and Rototuna, and north and south towards Auckland/Central Hamilton or the Ruakura Inland Port via Te Rapa Road
“Hamilton’s nearness to Auckland, along with its relatively inexpensive and available land and skilled workforce, will continue to underpin the city’s industrial activity,” says Pracy.“Te Rapa’s larger site sizes, quality tenants and new development have combined to attract new and growing businesses. As a result, this precinct has for some time been considered Hamilton’s premier industrial location.”