RECENT RRR NEWS

RRR PORTFOLIO DIVESTMENT – CNR CAVENDISH DRIVE AND LAMBIE DRIVE

Purchasing this 1.5713 ha. site occupied by AB Equipment in 2009, the long term vision was to unlock potential and reposition to a higher and better use. This was achieved in three main phases, revising the historic industrial operations to a more productive commercial format.

The first stage included refurbishing existing buildings for ANZ and Reduced to Clear. Next was a purpose-built bulk retail component for Spotlight, Lighting Plus and Jetts Gym. The final part was a two level building offering a café and two smaller retail tenancies, with a new Head Office for Spotlight above. An effective management approach over the holding period saw only one tenancy change hands from construction through to the recent sale.

The transaction unfolded via an off-market approach by our main tenant Spotlight, through Mike Houlker at Bayleys Commercial leading to the next chapter for 67 Cavendish Drive.

We remain on the hunt for more property to purchase and our latest acquisition around the corner on Norman Spencer Drive confirms our commitment to this location. Get in touch with William or Harry Lowe today if you have a property for us.

NEW ACQUISITION TO THE RRR PORTFOLIO

A strategic off-market purchase, 14-16 Norman Spencer Drive offers a site area of 1.0117 ha and adjoins our existing 85 Cavendish Drive property. Adding this to the mix doubles our land holding and adds an extra street frontage at this location, providing a myriad of future opportunities. Existing short term income in place for 12 months, whilst we contemplate the value-add propositions available, underpinned by land value.

Big thanks to Scott Buswell and Jordan Palmer at James Group for piecing the jigsaw together and to the existing property manager for helping us through our DD period.

LEASED - OFFICE AT 316 RICHMOND ROAD

Two in the space of two weeks from the Leasing Team at CBRE!!

Thanks Oliver Reid for filling our 100 sq m office vacancy for the next 5 years. We look forward to welcoming Number Works to our site.

The latest two lease transactions have resulted in a healthy increase to our WALT and long term cashflow across the property. It will also see continued capital expenditure commitment by the Landlord to further enhance the appeal of the site moving forward.

LEASED - OFFICE AT 316 RICHMOND ROAD

We are excited to be welcoming Fusion Marine Entertainment (Garmin NZ Ltd) to our Richmond Road property later this year, following their long term commitment to in excess of 1,500 sq m of offices.

It will be sad to say goodbye to Hancocks - Wine, Spirit & Beer Merchantsafter a long and strong relationship, but we wish them all the best for their imminent relocation to a new DC in Mangere.

Thanks to CBRE Leasing team including Jack Hall, Omri Yahel and Nick Theyers for stitching the deal together and working patiently alongside us to achieve Resource Consent for Garmin’s operations, as well as minimising downtime between Tenants.

Looking forward to forging another long term, mutually beneficial occupancy arrangement for both the incoming Tenant and the Landlord.

NOW LEASED - warehouse and yard AT 11 dalgety drive, wiri

Industrial Warehouse For Lease - Wiri

Contact James Group Master Agents Scott Buswell and Jordan Palmer for more information and viewings.

1,545 sq m and associated amenities including toilets and kitchenette. Yard requirement can be negotiated and created to suit.

Available September 2021.