Sale, leaseback offer in red-hot south market

• Published date: 20 April 2024
• Publication title: Weekend Herald

Located at 53 Izone Drive, the 8000sq m warehouse and manufacturing facility is currently owned and occupied by leading nationwide aluminium joinery company FMI Building Innovation Ltd

The property is offered to investors as a sale and leaseback with a 12-year lease in place, providing substantial annual income, fixed rental growth and the tenant covenant of a successful and growing national business.

CBRE and Savills are handling the sale of the property in New Zealand’s fastest growing urban area, with offers closing on May 15.

CBRE associate director of investment sales Cameron Darby said the purpose-built warehouse facility was carefully designed and constructed to meet FMI’s long-term requirements for future-proofing the company’s manufacturing capability in the South Island.

“This leading-edge facility was designed and built for FMI by Calder Stewart, with the first stage constructed in 2010 and a significant extension completed in 2019. FMI is committed to this location for the long term, and will be taking a new 12-year lease with rights of renewal potentially extending the lease term to 24 years in total.”

Chad Greer...