Hastings cool store in pip fruit zone

The land and buildings of a large cool store facility for sale in Hawke’s Bay offer the opportunity to buy a top-tier asset in the premier pip fruit region. The modern, state-of-the-art cool store at 5 Hill Rd, Twyford in Hastings has about 16,416sqm of total net lettable area on a 3.53-hectare site, which is spread across three freehold titles. The property includes three buildings configured into six substantial cool stores, providing storage capacity for about 62,000 bins of fruit. The site offers full drivearound access and yard storage for 24,000 bins.

Danny Blair of Colliers Hawke’s Bay said the cool store and distribution facility had been developed in three stages between 2005 and 2014.

‘‘The cool stores are currently operating at 0.5C on a modern glycol refrigeration system, which was installed in 2016, and have the ability to be used as SmartFresh rooms offering significant flexibility,’’ Blair said. Ancillary areas in the facility included controlled atmosphere rooms, fumigation areas, and plant and battery rooms, as well as functional, relocatable offices and staff amenities.

Blair said the high-profile corner site had extensive frontage to Omahu Rd and 140m of frontage to Hill Rd. He said the site, which was located near the Heretaunga Plains production area, had a Plains Production zoning under the Hastings District Plan. ‘‘Twyford is located on the western fringe of the Hastings commercial precinct. The location is highly sought-after as it sits in the heart of the country’s largest and most established pip fruit locality. ‘‘Approximately 62% of New Zealand’s apples and pears are grown in Hawke’s Bay and this is a key driver of the thriving horticulture industry in the region.’’ Chagalle Ellis of PwC said the property had a strong tenant covenant. ‘‘The property offers a long-term lease to Akina Investments Limited, andMr Apple, the concurrent lessee, exports approximately 25% of New Zealand’s apple crop to the world,’’ Ellis said.

‘‘With built-in rental growth through the 2.75% annual increases and further market reviews this property will be highly desirable for buyers.’’

The head lease to Akina Investments provides $.2.35 million plus GST and outgoings in annual rental income. It expires in March 2035 while a concurrent lease to Mr Apple New Zealand, has an initial expiry of March 2025 with two further five-year rights of renewal. ‘‘This property offers all the vital pillars that investors are looking for with a 12.5-year lease term on a high-profile site servicing an industry that is continuing to experience ongoing growth.’’