Jasper, the specialist commercial real estate investment and asset manager, has successfully signed a new four-year lease to Power Retreads at Hunua Road in Papakura, Auckland. Power Retreads will use the site to recycle a variety of commercial vehicle tyres.
With operations spread across the North Island, Power Retreads has a 37-year history in New Zealand’s tyre and retreading industry and is independently owned and operated. The business plays a key role in the circular economy of New Zealand’s auto industry, by enabling the recycling and reuse of tyres.
The Heavy Industry Zoned site is strategically located within the industrial precinct of Papakura and offers ready access to key transport links heading north and south on SH1. This was reflected through robust tenant demand during the short leasing campaign. The asset sits within Jasper’s wholesale private investor Industrial Income Plus Fund.
Jasper was pleased to work alongside Roman van Uden, who was instrumental in securing Power Retreads at Hunua Road.
Vernon Sequeira, from Jasper’s Investment Management team, commented, “It's great to welcome the team at Power Retreads to our asset at Hunua Road. We were able to relet the space with no downtime and assist Power Retreads in finding a suitable site in a low-vacancy market. Businesses involved in the circular economy play an increasingly important role in New Zealand and Jasper is proud to partner with a leading operator in this space. We look forward to working closely alongside Power Retreads at Hunua Road as they continue to grow and expand.”
About Jasper: Jasper is a specialist commercial real estate investment and asset manager, representing global institutions and investors throughout New Zealand and Australia. Jasper provides investors access to real estate strategies across Australasia. Since 2019, Jasper has grown its AUM to over $350M and manages an annual rent roll of over $13M.
Posted on 31 Oct 2023
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