PHOTO: SUPPLIED More big wholesale retailers like Chemist Warehouse coming to New Zealand will drive the demand for industrial properties, real estate specialists say.
Going almost 100 per cent industrial is proving lucrative for industrial landlord Property for Industry which has posted a record profit of $176.3 million for 2019.
The profit after tax tops a profit of $110m in 2018, which was in itself a doubling of profit from the previous year, thanks to a big jump then in the value of its properties.
A year ago the property company announced it was going 100 per cent industrial and would be selling its non-industrial properties over about 18 months. It sold $40m worth in 2019.
The $176.3 million after tax profit for the year ending December 31 2019 was boosted by $125.2m property value rise, a 9.3 per cent lift in the value of its portfolio of 94 properties which are now worth of $1.476 billion.
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