A large industrial property in the sought-after Christchurch suburb of Wigram exemplifies all the fundamentals of a prime investment opportunity.
The building, at 63 Pilkington Way, is tenanted by the Fletcher Construction-owned Higgins Group, the well-known civil construction company.
Sam Staite, Director of Industrial at Colliers Christchurch, and Mark Macauley, General Manager at Colliers Christchurch, are offering the 1,227sq m building for sale by deadline private treaty, closing on 21 April.
“This opportunity is perfect for investors looking for a strong tenant covenant, modern improvements, a large landholding of 4,148sq m, future potential development, and an A-grade location,” Staite says.
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“The former owners of Calcon Ltd, who previously occupied this site, are selling to pursue another venture.”
Calcon built the premises in 2003 for their own business, carefully considering its design and quality.
Calcon was sold to Higgins Group in 2013 and Higgins was subsequently bought by Fletcher Building in 2016 for $315 million.
The offices, which adjoin the main warehouse area, are split over two levels, and are prominently positioned on the corner of Pilkington Way and Vickerys Road overlooking the former Wigram Airbase.
The separate rear warehouse and vast sealed yard have dual access, providing the future opportunity to split this site into multiple tenancies or develop further to increase returns, Staite says.
Located just 9km from the CBD with great links north, south and to Lyttelton Port, Wigram is one of the most keenly sought industrial areas in the region.
“The location is the top pick of many industrial and trade-retail operators, due to its ease of access, central proximity, and vast amenity,” Staite says.
“Vacancy rates across the city are at record lows and as such we are now seeing significant rental growth starting to come through. With virtually no industrial land left to purchase and build costs rising rapidly, it is widely expected that further pressure on rentals is inevitable. In a high inflationary environment, it’s no wonder that astute investors are flocking to industrial property.
“All areas of our industrial sector are performing strongly, including leasing, investment sales, vacant sales, new build sales, and vacant land transactions and we see no reason why this wouldn’t continue.”
- Article supplied by Colliers
