The Duke Street Limited Partnership (‘The LP’) owns the land and property situated at 17 Duke Street, Sawyers Bay, Dunedin comprising a 7,700sqm purpose-built warehouse and office.
The land was purchased in March 2021 for $4.0m and the buildings purchased for a fixed construction price of $12.725m, settling in June 2021.
The property is leased to leading South Island transport and distribution business Hilton Haulage on a 12 year lease. The most recent valuation (March 2022) has the property at $17.4m
Pre-tax cash distributions of 5.5% are paid monthly.