A large mixed-use development in Christchurch housing an innovative business community is being put up for sale.
The Works, at 1 Treffers Road in the popular industrial and residential suburb of Wigram, is being offered for sale by deadline private treaty, closing 1 September, unless sold prior.
The development is being marketed by investment sales specialists Hamish Doig and Mark Macauley of Colliers Christchurch.
The freehold complex has a net lettable floor area of 5,355sq m and sits on a large 1.5167ha site.
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Comprising three individual buildings, The Works offers a generous 226 car parks.
Macauley says The Works is arguably Christchurch’s premier mixed-use precinct.
“Situated on one title, the property is adjacent to fantastic roading routes and enjoys a very prominent profile,” Macauley says.
“This is an opportunity to secure quality buildings in a strong location, underpinned by a substantial landholding with excellent tenants, including US-based solar energy company Enphase, City Fitness, and Canon, who are all on long-term leases.
“This is a purchasing opportunity that ticks all the investment boxes and provides a quality bottom drawer investment.”
The buildings have a 100 per cent NBS seismic rating and the complex has a current net income of $1.506 million with the benefit of annual rental increases.
The property is situated in a prominent corner position on the north-eastern side of Treffers Road, at the intersection with Parkhouse Road, and with extensive frontage to Curletts Road in Wigram.
“Parkhouse Road is essentially the ‘gateway’ to this part of the Wigram industrial district and, so, the property enjoys great visibility from this large traffic signal-controlled intersection with Curletts Road,” Doig says.
“Wigram is a progressive industrial district of Christchurch located 5.5km south-west of the CBD core. Significant modern developments have occurred in the Wigram industrial district during the past three decades providing good quality office and warehouse accommodation.“
Designated State Highway 73, Curletts Road is an important and busy arterial ring road linking the city with Blenheim Road, further to the north-west. Curletts Road links with the Christchurch Southern Motorway further to the south-east. The property is extremely close to principal road and rail arterials.
- Article supplied by Colliers
