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Investors roll in as international tyre distributor’s premises go up for sale

The freehold property at 23 Meachen Street, encompassing a warehouse with generous yard, office and amenities, is located in the heart of the popular and well-established industrial hub at Seaview.

The premises are fully leased to YHI (New Zealand) Limited, generating net rental income of $138,141 plus outgoings and GST per annum.

A subsidiary of YHI International with Singaporean and New Zealand ownership, YHI New Zealand lays claim to being the country’s leading distributor of automotive and energy products.

Established in 1995, initially as a distributor of wheels and tyres, YHI New Zealand has since expanded into energy products in areas such as solar power, electric vehicle charging, automotive, marine and motive power. The business now operates from eight locations across the country and has more than 80 staff.

YHI New Zealand has distributed tyres from the Seaview property since 2016. It has a current lease which extends to 2022, with a further six-year right of renewal. The lease incorporates two-yearly CPI rent reviews and a market review in December 2022.

The land and buildings at 23 Meachen Street, Seaview, are now being marketed for sale by way of a tender closing on April 28, via Bayleys Wellington.

Salespeople Richard Faisandier and Mark Walker said the property consisted of a building of approximately 1,200 square metres on some 2,009 square metres of freehold land, including about 500 square metres of yard and parking.

“Built in the 1970s and most recently refurbished in 2017, the structure is a modern, low-maintenance clear-span warehouse facility with generous office areas and amenities over two levels,” said Faisandier.

“The building is constructed with concrete foundations and floor, with RSJ portal frames set in concrete columns. The walls are a mix of full concrete tilt slab and concrete tilt slab with long-run steel cladding above.

“The roof consists of long-run steel with translucent panels and is 4.2 metres at the knee, rising to 5.5 metres at the apex. The building is accessed through roller and pedestrian access doors from the convenient and highly usable front yard.

“Presented in great condition, this clean and secure building features a simple, column-free warehousing/workshop area with easy access and good stud height. The approximately 100-square metres of high-quality office accommodation and amenities have been recently completed,” Faisandier said.

The structure has an Initial Evaluation Procedure seismic rating of 70 percent of new building standard.

Positioned on the east side of Meachen Street, the site for sale sits right in the centre of Seaview, in a location zoned Special Business under Hutt City Council’s district plan.

Walker said this zoning provided for a wide range of industrial end users, and this was reflected in the diversity of activities among surrounding tenants and owner-occupiers.

“These range from service industries to research facilities, petrochemical firms, recycling operations and those engaged generally in light to medium industrial activities, transport and general warehousing – including a number of other automotive-related businesses,” Walker said.

Bayleys research has shown that Seaview and Gracefield are regarded as the region’s preferred location for these activities.

“Flat building sites with the ability to create ample parking and yardage have been key drivers behind the popularity of this location, along with the Special Business zoning allowing for a wider range of industrial uses,” said Walker.

The location also provided for easy access to Central Lower Hutt, Wellington City and CentrePort via main arterial routes including State Highways 1 and 2, he said.

Click here for more information on the listing.

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