Purpose-built industrial facility on a 2,975sq m freehold site
A high-profile industrial property in Hamilton’s premium industrial precinct of Te Rapa is for sale with a renewed lease to long-term international tenant Bridgestone.
Located on a prime corner site, the property at 1 De Leeuw Place is surrounded by other top-tier tenants and offers excellent accessibility to the wider Hamilton area.
It comprises a 1,078sq m, purpose-built industrial facility on a 2,975sq m freehold site.
Tenant Bridgestone New Zealand Ltd is a wholly owned subsidiary of Bridgestone Corporation, which is the world’s largest tyre manufacturer.
The company was on an initial nine-year lease and has recently exercised a second right of renewal of three years from November 2019. Four more rights of renewal extend final expiry to 2034.
The lease returns $133,543 plus GST in net annual rent.
Colliers International has been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 31 July, unless it sells earlier.
Industrial Director Paul Jarvie says it is a chance to acquire a superb bottom-drawer industrial investment.
“This property has rock-solid fundamentals, including a superb location, strong tenant covenant and A-grade modern construction.
“It is located on the corner of De Leeuw Place and The Boulevard, within the northern industrial precinct of Te Rapa Park.
“This location offers easy access to both Te Rapa Road and the Te Rapa Bypass onto State Highway 1, which is 4km away, and is within 8km of Hamilton CBD.
“The property was purpose-built for Bridgestone New Zealand – one of the country’s most trusted tyre brands.
“Parent company Bridgestone Corporation was founded in Japan in 1931 and has since grown to become the biggest player in the global tyre industry.
“The company has 181 production facilities in 24 different countries. It invests $800 million a year in research and development and tests 10,000 tyres a day at its 10 proving grounds.
“This exceptional tenant covenant, backed by household name recognition, makes 1 De Leeuw Place an exceptional, secure passive investment.”
Alan Pracy, Director of Colliers Hamilton, says the property is of full-height concrete construction with a separate yard and customer parking.
“The building is superbly presented and of excellent quality, with an A-grade seismic rating.
“A 774sq m warehouse with dual roller doors provides drive-through access and features a stud height that accommodates large vehicles.
“A tidy 176.6sq m office is split over two levels and features an entry foyer as well as a lunch room for staff. The property also has 130.7sq m of storage and 189.8sq m of canopy.
“The site benefits from a generous 900sq m yard which allows for trucks to come and go with ease and provides ample car parking.
“You’d be hard-pressed to find an industrial investment as immaculate as this.”
Mark Brunton, Director of Colliers Hamilton, says the property is well located within the popular Te Rapa industrial precinct.
“Te Rapa is one of the primary commercial and industrial areas within Hamilton and includes a wide range of occupants, encompassing smaller industrial and office type occupants to larger national and international companies.
“Notable nearby tenants include a number of other automotive brands including Repco, Supercheap Auto and a plethora of car dealerships.
“Big box and trade retailers in the area include Placemakers, Carters, and numerous furniture outlets including Harvey Norman, Big Save, Hunter, Danske Mobler, Early Settler and Bedpost.
“The area is also popular with many industrial users engaged in manufacturing, distribution and services.”
The property is zoned Industrial under the Hamilton City Council Operative District Plan. This zone provides for a wide range of industrial activity and associated uses.
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