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11 and 15 Karina Terrace, Roslyn, Palmerston North

3,485sqm Land area SQM
1,053sqm Floor area

Affordable healthcare investment - 30 year lease

• 30 year lease term from March 2022 plus rights of renewal until 2112
• Triple net lease with annual CPI reviews capped at 4%
• Long-term cashflow security
• A fabulous affordable investment opportunity

Karina Lifecare comprises a 37 licensed bed aged care facility forming in part, two residential conversions connected via a central purpose-built aged care facility.
The facility is situated on an elevated site of 3,485sqm (more or less) of residential land approximately 3km's from the CBD, and is tenanted by Heritage Lifecare Limited with a 30 year triple net lease. With the further rights of renewal terms of 20 years each, this extends the potential lease term to 90 years. The tenant is one of New Zealand's leading and largest aged care operators and benefits from high levels of government funding. The sector is also seeing strong and increasing demand with New Zealand's rapidly ageing population.
This investment offers long-term cash flow security and represents a superb handsoff investment.
For more information, please contact below
Karl Cameron
+64 21 428 092

Mike Houlker
+64 21 945 927

Sunil Bhana
+64 21 938 660

For Sale by Deadline Private Treaty
(unless sold prior)

243 Broadway Avenue, Palmerston North Central


Karl Cameron

Karl Cameron

Mid West Realty Ltd, Bayleys,
Licensed under the REA Act 2008
Mike Houlker

Mike Houlker

Bayleys Real Estate Ltd, Auckland Central,
Licensed under the REA Act 2008
Sunil Bhana

Sunil Bhana

Bayleys Real Estate Ltd, South Auckland,
Licensed under the REA Act 2008


Anchor tenants

Strategic and defensive income-producing aged care asset with strong tenant covenant and long-term lease security


30 year triple net lease commenced 31st March 2022 with rights of renewal totalling a further 60 years and final expiry in 2112, making this an extremely stable investment


Palmerston North is a desirable retirement location that benefits from the continuing ageing of the surrounding catchment with the ongoing demand for aged care facilities


Sought after institutional-grade investment opportunity within the healthcare real estate sector that is a totally passive performer with a proven tenant and track record