First Light Capital Limited

First Light Property Fund – 57 Forge Rd

Commercial Property

Register Interest


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Transaction Size
NZD 8,300,000.00
Share Price
Minimum Investment
NZD 100,000.00
Issue Type
Commercial Property

The opportunity exists for investors to subscribe for shares in the First Light Property Fund Limited.

57 Forge Road is the third property that will be added to the First Light Property Fund Ltd.

The property in Silverdale consists of a large 5439 sqm heavy industrial landholding with dual road frontages. The property is fully leased to Dad’s Pies who have been in occupation since construction in 2002, with further extensions completed in 2006. Dad’s Pies has recently (2021) been acquired by Allied Foods which is itself a subsidiary of George Weston Foods, one of Australia and New Zealand’s largest food manufacturers.

There has been considerable tenant investment in this facility and future upgrades are planned so that Allied Foods can centralise their pie making facilities at this one site, to now include Big Ben’s Pies and Jesters Pies. 

The tenant holds a long-term lease over the neighbouring 3000 sqm warehouse facility with significant tenant upgrade plans in place for this property as well, to future proof their pie making facilities. All of these upgrades will be solely at the tenant’s cost.

The Fund

  • Diversified tenant mix including Bayleys, Aon Insurance,NZI, WorkSafe NZ, and Dad’s Pies (Allied Foods)
  • Fund WALT of 5.7 years
  • Open-ended PIE Fund
  • Leases with rights of renewal and regular rental increases
  • Minimum new investment of $100,000 or $50,000 for existing investors
  • Open to Wholesale Investors or Eligible Investors only

The Property

  • Large 5439 sqm freehold heavy industrial site
  • Modern 2500 sqm food grade warehouse/manufacturing facility
  • WALT of 8 years
  • Annual CPI rent review
  • Tenant is Dad’s Pies - wholly owned by Allied Foods, a subsidiary of George Weston Foods, which itself is owned by Associated British Foods Ltd.
  • Current Rental on 57 Forge road - $631,769.56 net + GST p.a
  • Significant tenant investment has been made in this facility
  • Tenant holds a long term lease over the adjoining warehouse facility at 61 Forge road
  • Located less than 2 kms from the SH1 motorway interchange
  • Settlement 23rd August 2022
  • Net Rental p.a across the First Light Capital Fun $1,984,609
  • 6% Projected return payable monthly * *Project re-tax cash return for FY23

For more information please refer to the Investment Flier in the Documents tab and click Register Interest to be put in contact with the advisor

First Light Property Fund - 57 Forge Road, Silverdale - Colliers
June 12, 2022

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