PROPERTY for Industry Limited (PFI) has purchased an industrial property in Auckland for $17.2M off-market at 41-61 Spartan Road in Takanini.
The tenant, MaxiTRANS, is one of the largest suppliers of truck and trailer parts to the road transport industry in Australia and the largest supplier of locally manufactured road transport trailer solutions in Australia and New Zealand.
The sale and leaseback of the Auckland facility is part of the ongoing capital allocation review being undertaken by MaxiTRANS to support the group’s strategic agenda.
Mr Davies said he was proud to have brokered the successful sale and leaseback for the development land in Takanini.
“I’d like to thank MaxiTRANS for trusting and appointing us as the exclusive agents, and congratulations to the successful purchaser, PFI Ltd,” he said.
“A great deal and a perfect partnership for MaxiTRANS, with PFI as their new landlord and development partner.
“The property comprises approximately 2,700sq m of warehouse, 1,100sq m of canopies, 550sq m of office and 15,000sq m of yard.”
Mr Ingham said a 12-year lease would commence on settlement and would provide fixed rental growth of 2.75 per cent annually.
“The lease also contains an opportunity for PFI and MaxiTRANS to work together to further develop the 2.4ha site,” he said.
“The sale and leaseback, along with the development option, provides MaxiTRANS with the potential to grow their Auckland service and further improve efficiencies of the manufacturing operation.”
Ray White Commercial Auckland is located at 2 Ruskin Street, Parnell. Pop in and see the team or visit their website rwcommercialauckland.co.nz