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Bayleys Funds and Investment Products - Previous Offers

33-43 Hugo Johnston Drive, Penrose, Auckland

Offer Open date: 12 April 2013

Manager: Centuria NZ (formerly known as Augusta Funds Management Limited)

This large 3.24 hectare property is superbly located in one of Auckland’s most established industrial precincts, Penrose.

At the time of the offer 33-43 Hugo Johnston Drive was the home of the Carter Holt Harvey Limited (Paper Bag Division) with a 10 year lease from settlement (20 June 2013) plus three rights of renewal of 5 years each. The lease provided for annual growth through annual rent reviews to CPI (capped at 2.5% pa) and market reviews every 5 years. A further benefit was the low site coverage which provided significant room for future expansion and the tenant option to require the extension works. The offer projected a 9% pa pre-tax cash return for the first full financial year and raised $9,600,000 (192 x $50,000 units).

In 2015 a significant development of the property was agreed with the tenant and in 2016 investors were given the option to re-invest their $50,000 investment unit in the new offer (and receive the capital gain) or receive the full proceeds from the sale to the new syndication ($59,360).

Details of how the return is calculated and the risks associated with the investment are set out in the original Investment Statement.
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