A large parcel of industrial-zoned land with development upside near Christchurch Airport is available for the first time in 15 years.
The site is underpinned by a long-term tenant in Airpark Canterbury who provide an investor or developer with strong passing income.
Located at 17-25 Logistics Drive, Harewood, the 1.5ha of land has been occupied by Airpark Canterbury for approximately 10 years. The tenant recently commenced a new five-year lease term.
The property is being marketed for sale via deadline private treaty, closing 22 March, by industrial property specialists Oliver Salt and Christian Kellar of Colliers Christchurch.
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“Developable land like this near the airport is extremely hard to come by and is always tightly held. Tourism is picking up following Covid and is expected to grow strongly in the coming years,” Kellar, Industrial Sales Broker at Colliers Christchurch, says.
“The re-emergence of that sector brings added opportunities for developers to service the demand of tenants who need a strategic location near the airport, but there are few options for them in terms of available land. The profile onto the motorway adds further appeal to this landholding.”
Salt, Industrial Sales Broker at Colliers Christchurch, says the site has a 220m frontage onto Logistics Drive and is split into five titles, allowing a new owner the flexibility to build several separate developments rather than being restricted to one large block.
“This also allows a purchaser or developer to de-risk the investment by potentially selling down individual titles either as bare land or a completed development product,” Salt says.
“In the interim, the current tenant provides an investor with strong income and the potential to secure a higher yield than other investments on the market.
“At the moment, the property is largely a sealed, fenced yard to suit the tenant’s requirement as a provider of off-site secure airport parking. It’s a key long-term industrial location, providing a purchaser with a strategic asset.”
- Article supplied by Colliers
