14 Mar Hydraulink Commits to New DNZ Facility at O’Rorke Road
Hydraulink Commits to New DNZ Facility at O’Rorke Road, Penrose, Auckland 14/03/2013
DNZ Property Fund Limited (“DNZ”) is pleased to announce that Hydraulink Fluid Connectors Limited, a leading company in the fluid connectors industry, has committed to a new 3,390m² warehouse and office facility at O’Rorke Road in Penrose, Auckland.
The new integrated facility for Hydraulink will feature 770m² of office, a 120m² showroom, 67 car parks, a fully sprinklered 2,000m² high stud warehouse, a 500m² canopy and an extensive yard area for container set-down and outside product storage.
The 12 year lease has two yearly rent reviews to market, with Hydraulink having expansion rights over 1,000m² of adjacent land for 6 years.
Paul Duffy, CEO of DNZ said “It is pleasing to have secured a 12 year lease to a quality tenant and to be progressing the redevelopment of DNZ’s land holdings on O’Rorke Road in Penrose. This project will complement the adjacent properties that accommodate the Fletcher Building Laminex head office and distribution centre.”
The project is scheduled for completion in November 2013, with an estimated total cost of $6.4m (including land).
For Further Information Please Contact:
Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 021 843 758 – Email: [email protected]
Jennifer Whooley, Chief Financial Officer, DNZ Property Fund Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: [email protected]
DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in the main urban areas throughout New Zealand. As at 31 December 2012, DNZ Property Fund owned 47 properties with 256 tenants, a weighted average lease term of 5.4 years and an occupancy rate of 99.2% over a net lettable area of 354,523m².
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internal management team. DNZ also holds management rights to Diversified NZ Property Fund Limited, a $105 million (as at 31 March 2012) commercial property portfolio.
DNZ’s top 10 tenants as at 31 December 2012: Bunnings, Fletcher Building, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE & New World), NZ Government, ASB, Westpac, Meridian Energy, Lion and Mitre 10. These 10 tenants represent 52% of the Company’s total contract rental.