A 2-year-old building in the Tauriko business estate 10km south-west of central Tauranga, designed for honey manufacturing, has been sold at auction by Ray White Commercial at a 4.45% yield.
While it has honey-specific design features, and its tenant is the award-winning NZ Health Naturally Ltd, which trades as 1839 Honey, the underlying aim is that the premises can be used for a multitude of food-related businesses.
The building & its specifications are designed to handle 600 tonnes of honey/year. At the time of auction production had reached 200 tonnes.
South of the Bombays
Bay of Plenty
74 Paerangi Place:
Features: 1796m² site, industrial building erected 2 years ago, 780m² net lettable area, 13 parking spaces including 1 wheelchair accessible space; potential to expand the warehouse; tenant NZ Health Naturally Ltd trading as 1839 Honey, winner of London honey awards
Rent: rent increased to $137,000/year + gst for 2 years from December 2018, 10-year lease from late 2016 plus renewal rights, final expiry November 2036
Outcome: sold at auction in June for $3.08 million, at a 4.45% yield
Agent: Philip Hunt
Attribution: Agency release.