Post-earthquake investment offerings providing national brand tenants and multiple income sources are hard to find in Christchurch’s keenly sought industrial market.
Against this backdrop, there’s likely to be strong interest in a post-earthquake build at 1 Pilgrim Place in Sydenham.
Marketed by industrial specialists Oliver Salt and Christian Kellar of Colliers Christchurch, the property is for sale by deadline private treaty closing at 4pm on 1 September, unless sold prior.
This top-quality investment comprises five tilt slab buildings with 10 tenants providing multiple income streams.
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Rentable floor area measures 4,026sq m on a large freehold landholding of 6,739sq m.
“This is a superb, large-scale trophy investment with prominent tenants, diverse business uses, and strong income from multiple sources,” Salt says.
“With an A-grade NBS rating, the buildings are a diverse mix of office, showroom, warehousing, hospitality, and residential apartments.
“The buildings are conventional in nature and would appeal to a wide range of future business uses.
"Construction is to a very high standard, with modern high-spec fittings, providing a high-end product to invest in.”
The site is located in a premier north-facing parcel of land, which lies just outside the CBD. It benefits from dual access from Pilgrim Place and Gasson Street, and an abundance of on-site car parks to cater for all tenants and customers.
Kellar describes Sydenham as a secondary commercial centre providing mixed retail and office buildings surrounded by light industrial properties.
“It is home to a wide array of local and international businesses, and currently has one of the lowest vacancy rates of all industrial areas of Christchurch.
"Thanks to its proximity to the CBD and easy access to the main arterials that connect Christchurch, Sydenham is sought-after for business and living,” Kellar says.
“Outside the CBD, Sydenham is one of Christchurch’s fastest-developing retail and hospitality areas with a huge number of businesses establishing themselves here post the 2010/11 Canterbury earthquakes.”
In recent years, Sydenham has seen new housing developments and gentrification, including Fletcher Living’s new development of residential terraces and apartments called 350 Colombo, which sits across the street from suburban shopping centre The Colombo.
Neighbouring residential catchments include city dwellers as well as the affluent hill suburbs of Huntsbury and Cashmere.
The Commercial Retail Park Zone of Pilgrim Place is made up of areas that provide for larger format commercial activities as well as trade suppliers.
- Article supplied by Colliers
