As a teenager, Paul Kelly used to pour petrol at what's now the Z Moorhouse site he is selling on the Christchurch CBD fringe.
The well-known car dealer has owned the site for the past 20 years, but it wasn’t always that way.
“When I was 15 years old, I used to work the Sunday 4pm-mdnight shift pouring gas at the petrol station there. I held down a full-time job but I wanted to make some extra money to buy myself a flash set of wheels.”
Z Moorhouse has around 11 years to run on its lease in the post-earthquake build, which is for sale by deadline private treaty, closing June 10.
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Mark Macauley, Colliers Christchurch general manager is selling the site in conjunction with industrial colleague Paul Marshall.
Kelly is arguably the largest landowner along the city arterial route and responsible for much of its transformation post-earthquake into attractive low-rise offices with generous landscaping and parking.
He’s particularly attached to the high-profile Z Moorhouse at 40 Moorhouse Ave but says it’s the right time to sell, describing the site as the jewel in the crown of his investment portfolio.
Macauley says the site will have wide appeal to investors throughout New Zealand.
“It ticks all the boxes as a long term investment because of the high calibre of the NZX and ASX listed tenant, prime corner location and long-term lease with annual CPI increases.
“Z Moorhouse is well positioned to service a wide range of customers based not only locally, but also those commuting into the city for work each day. Sitting just a block over from Hagley Park, the site is close to Christchurch Hospital and other key city staples. Its position provides large exposure with ample signage acting as a billboard to passing traffic.”
Redeveloped in 2013 to allow better access, the 2753sq m site has access onto Moorhouse Ave and Selwyn St. It features a large open canopy that houses eight fuel pumps, as well as a retail building and a carwash. Inside, the 220sqm retail building hosts a Z Express cafe, serving food and coffee to customers on the go. There is also ample car parking both in front and behind the main retail space.
The fuel pumps feature Pay-at-Pump facilities, as well as state of the art Pay-by-Plate, and there are additional amenities such as an LPG gas bottle exchange, and an EV charging station.
The landlord owns the forecourt canopy, the convenience store shell and the carwash shell with the balance of the fixtures and fittings being owned by the tenant.
Marshall says Colliers has had a huge amount of interest in any recent offering in the industrial market.
“This isn’t just coming from local investors but from investors throughout the country who are looking for guaranteed long term leases and income. There’s a real lack of stock at the moment and the fact that this is 100 per cent of NBS makes it doubly attractive.”
Z Moorhouse sits across the road from the $301 million Metro Sports Facility, due for completion in 2022, and featuring a 50m 10-lane competition swimming pool, a diving pool, large aquatic leisure area, five hydro slides, a multi-sensory space, fitness centre and nine indoor courts.
While already a busy area, this state-of-the-art complex will see a large influx of visitors to Moorhouse Ave.
