 Asset Class: | Industrial |
 Price: | $ 5393754 |
 Net Yield: | 6.50 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | Pre Market |
13 - 15 & 17 - 23 Bullen Street, Nelson offers a secure and stable income stream with a long-term lease to The New Zealand King Salmon Co.<br><br>With an annual rental income of $350,954 the property currently delivers a 6.5% net yield based on its $5,393,754 Rethink negoitated price.<br><br>Given the potential for OCR decreases in New Zealand throughout 2025, investor sentiment is shifting, and yields on quality assets are likely to compress further. <br><br>In today’s market, properties of this nature are increasingly being valued closer to a 6.25% yield, indicating strong demand for well-leased industrial assets. <br><br>With a Weighted Average Lease Term (WALT) of 5.4 years, annual CPI rent reviews, and long-term renewal options, this investment ensures predictable and growing returns.
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Is this lease a leaseback arrangement?
<br>13-23 Bullen Street in Nelson is an exceptional location for an industrial property in the sought-after Tahunanui industrial area. It offers convenient access to both Richmond and Nelson, making it a central hub for servicing a broad region. Its proximity to Nelson Airport and Port Nelson enhances logistical efficiency, ideal for businesses such as NZ King Salmon who are reliant on transportation and distribution. The property’s location near main arterial roads further supports seamless connectivity, ensuring smooth operations for industrial activities.<br><br>Spanning just under 4,000 square meters of freehold land, the site provides ample space for operations, complimenting the NZ King Salmon owned buildings on the opposite side of Bullen Street. The tightly held nature of industrial land in Tahunanui underscores its value, as demand for such well-located properties remains high, making 13-23 Bullen Street a prime choice for a set and forget industrial package.
Additional Location Information File<b>Our story:</b><br><br>The New Zealand King Salmon company was a pioneer in marine salmon farming in New Zealand, utilising King salmon stock introduced from California over 100 years ago. We have been growing and selling King salmon to consumers in Aotearoa and overseas for over 35 years. We have a well-established domestic market share along with a successful history in offshore markets.<br><br>We believe our key points of difference are the rare species of salmon that we produce and the high-quality premium brands that we have developed. We’re proud that our Ōra King brand has ensured that we are one of the first protein companies in the world to achieve branding through to the restaurant menu.
Initial Term:
Security:
Security Info:
TBA in DD. Market Review in August 2025
Offer To Purchase:
$
Initial Deposit:
$
Due Diligence:
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Finance:
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Settlement:
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<ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Tenant:</b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> The New Zealand King Salmon Co. Limited</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Term:</b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> 10 years, starting 1st August 2020</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Renewal option: </b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">One 10-year renewal</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Annual rent:</b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> $350,594 Net + GST & OPEX</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Rent reviews:</b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> Market rent review on August 1, 2025 and August 1, 2035. Annual CPI reviews on other years</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Use:</b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> Processing and packaging of seafood products</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);font-style:normal;"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>NBS:</b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> Small shed [13-15 Bullen] is 95%, Large shed 100% [17-23 Bullen] both by way of IEP (Sept 2020)</span></p></li></ul>
