New Zealand maintenance company City Care is selling a prime landholding in Hornby, one of Christchurch’s hottest industrial growth locations, which sits at the gateway to the booming Selwyn District.
With vacant freehold commercial and industrial land supply at an all-time low, developers are hungry for new opportunities such as this, according to Sam Staite, Director of Industrial at Colliers Christchurch, who is marketing the property for sale alongside colleague Hamish Doig.
“Now that the Hornby trade and bulk retail precincts are fully developed, astute investors and developers are looking for the next area to cater to the needs of the high-growth and largely under-serviced residential catchments of Wigram, Halswell, Prebbleton, Lincoln, and Rolleston.”
Staite says the 6.31ha site at 227 Springs Road is a particularly attractive proposition because of its wide-ranging potential development options.
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“Certainly, an industrial development would be in high demand but equally there could be a more strategic use than industrial in this location. We’re advising potential buyers to consider how they could unlock further value beyond the current Industrial Heavy zoning. “
Staite says the zoning is relatively permissive and allows for a wide range of activities.
“Given its proximity to the motorway system and large residential catchments, it will be no surprise if astute parties see potential value from future alternative uses. Selwyn alone is said to be processing over 10,000 sections through private plan changes and this property is sitting at the gateway to this growth.”
City Care currently uses the site for its asphalt plant business, vehicle storage, and stockpiling civil construction materials.
Doig, Managing Director at Colliers Christchurch, says the company is seeking to keep the asphalt plant at the site for the next two-and-a-half years.
“This would provide holding income for the new owner while the balance of the site can be improved and occupied immediately.”
The prime parcel is in one title and has a large profile of more than 270m fronting Springs Road and 375m fronting Wilmers Road. Each road has a large existing access point to the property. A large council-owned reserve borders the site to the east.
Hornby is one of the most sought-after and rapidly evolving commercial and industrial areas in Christchurch with huge growth forecast over the coming five years. It has been greatly gentrified during the past decade with substantial refurbishment and repurposing of older facilities.
There has also been significant new development in the area with the build-up of Calder Stewart’s Hornby Quadrant as well as the new Waterloo Business Park, which is now very well established. Ng?i Tahu has all but sold out of available sites at its substantial 41ha business park, M?nia, just five minutes from Springs Road on the former Watties site on Shands Road.
Staite says the recently completed roading improvements and developments in Hornby are a big driver for industrial demand.
“The upgrade of Halswell Junction Road has greatly improved the traffic flow and the new Southern Motorway Stage 2 is a game changer for traffic heading to and from Rolleston and beyond. The retail offering in the Hornby area is significant with Dress Smart and The Hub shopping centres as well as the Mitre 10 Mega bulk retail complex all located approximately 2.2km away.”
The property is for sale by deadline private treaty, closing 26 May.
- Article supplied by Colliers
