Provincia Property Fund has another large industrial property under contract and is currently in the due diligence phase of the acquisition process.
The property is a large Wiri warehouse complex superbly located in very close proximity to major transport routes and the airport.
In fact, it is only a few hundred metres from Puhinui Road, which is one of the two main access routes to the airport, less than 800m from the South Western Motorway, and only 6km from Auckland International Airport.
The property consists of over 5,000 square metres of net lettable area and a total land area of nearly 10,000 square metres.
The site has full drive-around access and consists of a 6.75 metre stud height warehouse with offices attached.
There is a long-term tenant in place and the lease features two-yearly fixed increases lease.
The site has numerous potential value-add opportunities, including…
- Extending one or both of the warehouse bays
- Adding roller doors and a canopy to one of the warehouse bays
This acquisition will bring the total value of property in the fund to $49.5 million diversified across 7 properties with 17 tenancies.
Foundation shareholders in Provincia Property Fund have experienced 35% capital growth in the value of their shares in the last two years and, most importantly, a consistent 6% p.a. quarterly return on their investment.
Investors interested in participating in the capital raising, or top up their existing holdings, should express their interest by emailing firstname.lastname@example.org.
A new Investment Statement will be released once we have finalised our due diligence and the details of this new acquisition.