Property for Industry has announced the early surrender of the lease at its Harris Road property in East Tamaki, as well as an update on dividend guidance for the 2026 financial year.
The lease with GrainCorp was set to expire in November 2028, but will now terminate on August 11, 2025.
PFI plans to demolish the existing buildings on the site and is actively progressing with plans for its redevelopment.
The company envisions a large-format industrial facility, with an estimated investment of $45 million.
The redevelopment project is still subject to feasibility, tenant engagement, and consents.
PFI expects the early lease surrender and the New Zealand government's Investment Boost tax changes to have a positive impact on its FY26 adjusted funds from operations.
As a result, it now anticipates cash dividends of at least 8.90 cents per share for FY26, the higher end of the initial guidance range.
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