The family of late motorsport driver Stan Redmond is selling a large parcel of industrial property in Sydenham, where his former factory is based.
The 4835sq m holding will be sold on an ‘as is where is’ basis in one lot, says Sam Staite of Colliers International Christchurch, who is marketing it for sale by auction commencing at 10am, Thursday, July 4, unless sold earlier.
Staite says Redmond established Flexoplas Packaging Ltd in 1983. It was sold after his untimely death from a motorsport accident in 2013.
The new owners of Flexoplas are shifting their operations next January to East Christchurch, and Redmond’s family has decided to sell the buildings on Wordsworth, Hawdon and Kingsley Sts.
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Staite says the offering comprises nine buildings, with a total floor area of 3728sq m. Circa 1970s construction, it’s in seven freehold titles, together with four individual unit titles.
The site has 57m of frontage on to Wordsworth St, 98m to Hawdon St and 37m to Kingsley St. Annual total rental income is $374,863.
“Flexoplas provides significant holding income until the end of January 2020 when its lease expires, which leaves the buyer with plenty of time to plan for the buildings’ future,” Staite says.
“We’re expecting interest from investors who could refurbish, strengthen and re-tenant the buildings, or who could sell the properties on individually.”
Staite says ‘value add’ opportunities are still extremely popular.
‘“As is’ properties are still in high demand because there are very few coming to the market now. In our experience, banks still seem very willing to fund proven investors for these value-add opportunities.
“For instance, 129 High St, formerly home to Ace Videos, was keenly contested at its recent auction, attracting 24 bids.
“Similarly, an ‘as is where is’ at 46 Battersea St attracted 13 offers during its campaign, all from local investors/developers.”
Staite says Sydenham has undergone a significant change in the past 10 years with a large amount of the area refurbished and repurposed into trade showrooms.
“Large-scale properties in this area are rarely available for sale. Although still a popular location for automotive services and supplies, due to its closeness to the CBD, gentrification is now widespread through the Sydenham area.”
