First NZ Properties
First NZ Properties Limited
First NZ Properties Limited was incorporated in 1995 and has 365 Shareholders. First NZ Properties owns one Industrial property at 15 Sheffield Crescent, Christchurch, along with a recent purchase of a Retail site at 234 Rangitikei Street, Palmerston North .
Investment is through the purchase of shares in the Company. Dividends are expected to be paid twice per year.
15 Sheffield Crescent is on a large industrial site close to Technology Park in Christchurch. The building is predominantly industrial high stud warehouse space. The building is occupied on a 10 year lease from November 2014 by NZ Yarn Ltd who operate a processing plant converting wool into yarn for export. The yarn is used in the manufacture of carpet and the processes used by NZ Yarn have unique capabilities that allow them to be competitive and produce a quality product that is in high demand. NZ Yarn Ltd have subleased several areas resulting in a diversified mix of tenants in both the wool and hemp industries.
The most recent purchase has been 234 Rangitikei street in Palmerston North, this property has three major national tenants, including Harvey Norman, Bed Bath and Beyond along with the north island chain of Uncle Bens. The Property is well located near the center of Palmerston North and is part of a Bulk Retail development which includes a Mitre 10 Mega Store, Warehouse Stationary, Lighting Plus, Wet and Forget, Storage box along with several other high profile stores. The directors view this as a strong purchase in a fast growing part of the country.
Over the years there have been a number of changes in the composition of the properties in First NZ Properties Ltd which have provided an opportunity for capital gains for investors. The Manager has been proactive in identifying opportunities in the market to sell and replace properties to optimise the returns to investors in both capital gains and cash returns.
Secondary Market Listings: Click here to access more detail on the availability of parcels in First NZ Properties Limited.
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