A campus-style development in the coveted suburb of Hornby in Christchurch is one of the most impressive, prime A-grade industrial properties to become available for sale in New Zealand in recent years, according to the marketing agents.
Sam Staite and Hamish Doig of Colliers Christchurch are selling the prized asset at 20 Sir James Wattie Drive by deadline private treaty, closing 13 July, unless sold prior.
“This is the sort of property savvy investors seek, but rarely find. It has it all; modern buildings, household name occupiers, a new six-year head-lease, and future potential to develop further,” Staite says.
“The conventional buildings have stud heights and floor loadings that cater to the widest possible industrial occupier market. There is low office to warehouse ratios, large yard areas, low site coverage with the ability to further develop, and market protected rent review structures. These are all attributes that knowledgeable investors want.”
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The complex consists of three modern warehouses of various sizes. Total rentable floor area is 12,609sq m, comprising 10,154sq m of warehousing, 757sq m of office, and 1,698sq m of canopy.
The new six-year head-lease is to Calder Stewart. Its pre-cast business occupies an office and half of the main heavy industrial building.
The rear half is subleased to Toll Logistics, who were attracted by the hard-to-find 12m stud height warehouse, excellent access points, large secure yard areas, excellent container laydown points, and prime Hornby location.
The building is designed to be as generic as possible to cater for all future industrial needs.
Allied Pickfords occupies a stand-alone building that features a tidy refurbished office and amenities, and bright, clear span warehousing.
Another small and functional warehouse and a large yard is used by part of the Calder Stewart construction business.
The large secure yard, which offers an obvious future development play, is 7,700sq m and fronts Sir James Wattie Drive.
Doig says it’s unusual to see such a versatile and functional group of buildings that, as seen by the tenant mix, cater to the widest possible occupier market.
“Constructing a heavy manufacturing facility that also clearly lends itself to the latest logistics requirements is not usually economically feasible and astute investors will appreciate this future-proofed aspect of the investment,” Doig says.
“Land is in hot demand and tight supply across Canterbury so it’s rare to find such a vastly underdeveloped site with only 32 per cent site coverage. It makes this a highly functional property with generous access and yard areas, excellent container laydown points and, most importantly, efficient traffic circulation for its tenants.”
Hornby is the most sought-after large format industrial area in Christchurch with huge growth underway and land supply now dwindling.
- Article supplied by Colliers
