Six high-profile units in the burgeoning eastern suburb of Ferrymead in Christchurch are being sold ‘as is’ as part of the deceased estate of Ron Waterman who owned the properties for the past 34 years.
Marketed for sale by Brokers Courtney Doig, Will Franks, and Brynn Burrows of Colliers Christchurch, the units are located at 1008 Ferry Road, opposite a Woolworths supermarket and Mitre 10 Mega. They are earmarked for auction on Thursday 8 August.
“These units have not been to market since they were built more than three decades ago and they present a unique opportunity to acquire a prominent multi-tenanted commercial block on Ferry Road,” Doig says.
The combined 1,152sq m commercial block comprises a large, two-level building divided into six separate stratum in freehold units, with dedicated parking at the rear and the benefit of easy on-street parking at the front.
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Units range in size from 150sq m to 264sq m and the total land area is 2,199sq m.
There are four tenancies across three of the units, most on short-term or periodic leases, providing potential for conversion to longer-term leases or owner-occupiers, Doig says.
“These units enjoy a high profile onto the busy Ferry Road and are ideal for a variety of businesses including retail, office, and industrial. The current modest market rents pave the way for increased cashflow, adding to the appeal for investors.”
Franks says the units represent a strong add-value opportunity as they’re currently under market rent so there’s plenty of upside to be achieved over time.
Waterman’s name is synonymous with Ferrymead. Over the past several decades, he developed and sold much of the industrial and retail areas on both sides of the Ferry Road catchment.
Waterman originally worked as a mechanic for New Zealand Railways and started dabbling in property in the 1970s.
His first development in Ferrymead was in the late 1980s and early 1990s. Over the next 10 to 15 years, he developed properties from 1030 Ferry Road through to 950 Ferry Road, and the land at 987 Ferry Road that would become Waterman Place.
- Supplied by Colliers
