Godfrey Hirst quits manufacturing plant

Z Energy’s service station on Fifteenth Ave in Tauranga
Paeroa’s Z Station up for grabs

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New Zealand’s largest carpet maker, Godfrey Hirst, has placed its 5.2ha manufacturing plant in Maces Rd, Christchurch, on the market.

It is one of several properties advertised in the latest Colliers Total Portfolio publication. Some of the buildings have earthquake damage.

In late 2011 Godfrey Hirst warned that it might move manufacturing overseas after Cavalier Wool Holdings was given Commerce Commission clearance to buy processor and exporter Wool Services International in a receivership sale.

Cavalier is the country’s largest wool scourer and the acquisition is viewed as giving it a monopoly in a key sector.

Meanwhile, nine Z Energy service station properties throughout New Zealand have also been placed on the market through Colliers.

The properties are located in Tauranga, Rotorua, Ngatea, Paeroa, Te Aroha, Hawera and Opotiki in the North Island, and Blenheim and Dunedin in the South Island.

All be leased back by Z and will remain in the company’s nationwide network of service stations under new leases.

The operation of the sites and the associated businesses are not for sale.

The properties are for sale by deadline private treaty closing on October 31, 2012, unless sold before the deadline date, and offer net annual rental income ranging from $41,000 to $179,000 on initial lease terms of three to 12 years.

Owned 50/50 by Infratil and the New Zealand Superannuation Fund, Z Energy operates a network of more than 300 service stations and truck stops, along with pipelines, fuel terminals and a share in the Marsden Pt oil refinery.

The company also distributes about a third of New Zealand’s fuel and has one of the highest overall market share of any fuel company operating here.

 


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