Projected Return
10% per annum average over five years.
Purchase Price
$14,000,000 + GST
Commencing Rent
$1,034,744
Lease Term
12 Years
Acquisition Date
2024
Exit Date
1 April, 2029
Projected Return
10% per annum average over five years.
Purchase Price
$14,000,000
Commencing Rent
$1,034,744
Lease Term
12 Years
Acquisition Date
2024
Exit Date
1 April, 2029
The Property comprises a brand new high-quality industrial property tenanted by Hamilton Hardware Retail Limited t/a Mitre 10 MEGA. It was specifically constructed to align with Mitre 10 MEGA’s strategy to continue its growth in both trade and retail markets within the region. Improvements are on a single 8,561m2 freehold Title, situated within the booming industrial precinct of Te Rapa Gateway.
This investment is for five years with parties associated with the Tenant having the right to buy back the Property at that time.
HAMILTON HARDWARE RETAIL LIMITED (HHRL)
HHRL is part of the Mitre 10 co-operative and has the Te Rapa and Ruakura MEGA stores. It has been operating in Hamilton since 2007 and over this time it has seen significant growth. “As part of its strategy to continue its growth in both trade and retail markets, the Distribution Centre site was developed to store inventory and distribute more efficiently across its two sites. As part of the planning for a DC, it was clear that there were no sites suitable for lease so HHRL worked with Fosters Construction to build a site that will see it well into the future.” Hayden Camp, Chief Executive Officer, Mitre 10 MEGA Hamilton.
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