Premier Christchurch office precinct Hazeldean Business Park, which is located on the city fringe in Lincoln Road, is being presented to the market for sale.
Developed by Calder Stewart, the park comprises six individual buildings, including a multi-storey car park, providing 493 spaces, plus an additional 100 car parks outside the respective buildings.
Marketed by Hamish Doig, Mark Macauley, and Marius Ogg of Colliers, the property is being offered for sale by deadline private treaty closing 30 June.
“To the astute investor, this is an opportunity to secure quality buildings in a strong location, underpinned by a substantial landholding,” Macauley says.
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“It’s a great position, benefiting from multiple street frontages and easy access to surrounding transport links and the central city.
“There’s sound income across multiple buildings and 19 individual tenancies with strong occupancy.”
Situated to the south-eastern side of Lincoln Road, just south of its intersection with city ring road Moorhouse Avenue, the park has a net lettable area of 15,027sq m and covers 1.6086ha of land. Net annual rental income is $2.21 million.
Hazeldean Business Park forms part of the thriving Addington business and hospitality district and is only 2.5km from the CBD. Additional amenity is provided by nearby Hagley Park, and the Parakiore Recreation and Sport Centre, which is currently under construction.
Doig says that following a period of market upheaval and change following the earthquakes, the Christchurch office market is more settled and mature.
“After years of oversupply that pushed rental rates down, vacant space in the CBD has been largely absorbed and we’re now facing a shortage of available stock. In turn, we’re seeing falling vacancy rates in the suburban market and space close to the fringe is keenly sought.
“The suburban market has experienced a good take up of available space.”
Doig says there is still a large differential between CBD and suburban rental rates for quality stock, an appealing variable for those tenants who don’t want a CBD address.
- Article supplied by Colliers
