Buyers Go With the Grain in Gisborne

An expansive Gisborne site housing a top grain merchant and a successful local arborist is for sale with options to occupy or lease a large vacant warehouse and yard area.

The nearly 5,750-square-metre property in Elgin is being marketed by Bayleys for its combination of a secure net rental income of $75,000 plus GST from two tenants, plus exceptional flexibility for investors and owner-occupiers.

The Cochrane Street site’s landmark grain silos will be leased back to the vendor, Corson Grain, on a new five-year lease with a further five-year right of renewal.

Corson is one of Australasia’s leading maize and corn milling specialists, producing and marketing products to food makers throughout the Asia-Pacific region. Its Elgin facility stores high-quality, non-GMO maize from fields across the Gisborne area, which is renowned for world-class yields thanks to its sunshine, good rainfall and rich alluvial soils.

A second area of predominantly yard space is leased to Treemarkables, a full-service tree care specialist whose services include tree pruning, stump grinding, hedge trimming, mulch delivery, and 24/7 emergency callouts. Treemarkables boasts 18-plus years’ experience and a top five-star reviewer rating on Google and Facebook.

Its current lease runs through to June 2029 with a further three-year right of renewal.

These two tenancies are complemented by a substantial workshop, office and secure yard area. Vacated by Corson’s recent move to a larger Gisborne site due to business expansion, this tenancy is available for immediate occupation.

The freehold land and buildings at 26 Cochrane Street, Elgin, Gisborne, are being offered to buyers by way of a tender closing on Wednesday 16 September (unless sold prior), through Bayleys Gisborne.

Bayleys salesperson Mike Florance says the property provides an attractive offering of diversified income streams while retaining a significant portion for immediate occupation or lease.

The vacant accommodation encompasses a warehouse of some 840 square metres, plus a 200-square-metre office and a yard spanning 3,500 square metres (more or less).

“This presents an opening for an owner-occupier to establish their own business while benefiting from secure, diversified income from day one. Alternatively, new owners can lease the vacant accommodation to further enhance returns,” says Florance.

The scale and versatility of the available buildings and yard could suit the likes of a courier depot, a distribution hub, or an operational base for a trade contractor, he says.

The Cochrane Street site as a whole contains buildings with a combined floor area of nearly 2,000 square metres.

Florance says the underlying land consists of five freehold lots, presenting new owners with further possibilities to explore in terms of future subdivision.

Activities at the site are underpinned by a convenient position in east Gisborne, he says.

“The Cochrane Street property, and current and future occupiers, enjoy the benefits of a highly accessible Elgin location just a few hundred metres from Gisborne’s airport and Awapuni industrial hub, and within a few minutes’ drive of the city centre and port.

“A position between State Highways 2 and 35 facilitates easy transport and operational connections across the wider region and beyond,” Florance says.