The modern industrial premises housing an outlet for New Zealand’s largest independent building supplier have been put up for sale in a leading South Island business park.
The freehold land and building for sale at 2 Stoneleigh Drive, Rolleston, sit at a prominent corner location in Canterbury’s award-winning Izone Business Park.
The premises are fully leased to an ITM store serving urban and rural customers in an area buffering Christchurch and the Canterbury Plains.
From a handful of stores in 1993, ITM has grown to become New Zealand's largest network of independently owned and operated building supply stores.
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The Stoneleigh Drive outlet, known as Probuild ITM, is open six days a week with a tailored local offering that extends to farm sheds and frame and truss products.
The operator, Probuild NZ Ltd, occupies the Rolleston site on a current lease which runs through to 2023, with six further three-year rights of renewal which, if exercised, would extend to 2041.
The lease generates net annual rental income of $174,000 plus outgoings and GST, with built-in three-yearly market rent reviews.
The property is now being marketed for sale through Bayleys Christchurch. Sale will be by auction on Thursday 21 October, unless the property is sold prior.
Salesperson Nick O’Styke said the property consisted of a building of some 1295sq m on 5104sq m of freehold land.
“This is a highly functional industrial building which was constructed post-earthquake in 2017 to a seismic rating of 100 per cent of new building standard.
“The lettable area incorporates a modern, clear-span warehouse of some 1155sq m with excellent access via multiple container-height roller doors, supplemented with 140sq m of high-quality office and staff amenities.
“The building opens on to a generous yard area with 26 carparks and three road access points, ensuring the efficient movement of vehicles and supplies on and off the property and around the fully secure site.
“The presence of an established national-brand tenant with a strong tenant covenant provides immediate investor appeal, while the building’s flexible design offers the ability to accommodate multiple tenants if required in the future,” said O’Styke.
Positioned at a key roundabout within the Izone business park, the site for sale enjoys excellent visibility with around 120m of frontage to Hoskyns Road and Stoneleigh Drive and site access via both thoroughfares.
The property is zoned Business 2A under Selwyn District Council’s district plan. It sits at the northern end of Rolleston’s Izone business park, a modern and rapidly growing industrial hub which is strategically positioned near key transport and logistics amenities just out of Christchurch.
“Rolleston has undergone significant development over the past decade with zoning changes permitting an increase in the town’s population,” said O’Styke.
“The Izone industrial hub has been master-planned and facilitated by the council and developed in stages. It has been hugely popular with both tenants and owner-occupiers due to its excellent ground conditions, flexible planning rules and pivotal location near rail sidings, State Highway 1 and two large inland ports.
“As a result, it is now home to key businesses in fields such as manufacturing, contracting, warehousing, logistics and agricultural services. Major occupiers include PGG Wrightson, Drummond and Etheridge, Westland Milk, Pegasus Engineering and Portside Logistics, as well as The Warehouse’s South Island distribution centre.”
O’Styke said opportunities to secure prominent freehold sites in this location were now becoming scarce.
Recent sales of industrial premises in Rolleston have generated yields between 5-6 per cent.
- Article supplied by Bayleys
