Factory fetches a saucy NZ$3.25m

New Zealand’s sauce and condiment manufacturer Groenz Limited (formerly French Maid Foods) has sold its Hutt Valley manufacturing property on a lease-back arrangement for $3.25 million.

The 2476-square metre industrial building houses the company’s manufacturing plant, warehousing, research and product development facilities and offices on a 3527sqm site at 131 Gracefield Rd, Lower Hutt.

The company, which has owned the property since 1992, has taken a new six-year lease with rights of renewal, at an initial yearly rental of $300,000.

Bayleys’ Wellington commercial and industrial director Mark Hourigan, who sold the property with Fraser Press, said it attracted nine tenders and was bought by a Lower Hutt family trust.

Hourigan says Groenz would be investing the proceeds of the sale to expand its business.

The complex is one of Seaview’s best industrial buildings with Groenz completing a $4.25 million factory upgrade to position it for future growth, he said.

The revamped factory would enable Groenz to more than double the capacity of its plant, while maintaining its ability to produce both small and high volume runs, Hourigan said.

Groenz operates 24 hours a day, producing in excess of 300 varieties at any one time across its three brands, French Maid, Kiwi Style and In-House Systems.

It supplies three of New Zealand’s major fast-food chains with sauces, and also exports to Australia.

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