Tumpuna Park (the Park) was constructed in 1997. It is a 10.23 acre property that forms part of an industrial compound. On the compound there are six buildings which are used by tenants for light industrial and storage facilities.
Each of the six buildings has a mezzanine floor which is used as storage or as small ancillary offices.
Currently, three of the six warehouses are occupied by one tenant while two others are divided into smaller accommodations for multiple tenants. The major anchor tenant has been at this location for a period ranging between three and eight years approximately.
EHL is currently in the process of renewing its lease contract with the Government. This tenant typically renews for a three year lease period. However, until the contract has been fully renewed, the Government is leasing the space from EHL on a monthly basis.
Having regard to the existing market rates in properties of a similar nature in similar locations, EHL considers the rental rates to be at the lower end of market rates, therefore, there may be potential for upside increases.