Masterpet
Each of these case studies was written shortly following completion of the relevant development or other significant lease-related event. While accurate at that time, in some cases, circumstances have changed, including PFI’s ownership of the property, the identity of the tenant, property specific metrics (including rent) and/or use of the property.
Overview
The property at 143 Hutt Park Road, Seaview, is a high-quality industrial site leased to Masterpet, the animal care division of EBOS Group Ltd. It includes a large warehouse, office space, and ample yard area. At the intersection of preparation and opportunity sits 143 Hutt Park Road. The property became available at a time when we were releasing capital from properties that did not align well with our strategy. We were in a position to respond quickly, off-market, at a fair price.
143 Hutt Park Road is a high-quality industrial property. A 1.5ha site, it is in Wellington’s prime industrial precinct, close to the main arterial route. It has a newly constructed (to 100% of NBS), large, high-stud warehouse and two-level office and amenities building. The office-to-warehouse ratio is right and there is good yard area and circulation. This is an ideal property for industrial tenants in today’s market.
The property is leased – for an initial 10-year term, with rights of renewal – to Masterpet, the animal care arm of EBOS Group Ltd.
PFI aims to achieve strong, stable returns, by investing in quality industrial property. This disposal of non-core assets and the acquisition of 143 Hutt Park Road is that strategy in action. We have acquired another very attractive property and extended our partnership with the EBOS group.
