Investor demand for units in Workstation55 at Addington, Christchurch, has already seen six sales in the business park and further strong interest expected in the current three offerings being marketed.
The 3.4ha complex, comprising five lots, is fully leased to an impressive line-up of tenants including Hewlett Packard, NZ Statistics, Eaton Corporation, the Ministry of Education, Whitebait TV, Telecom, Macquarie Private Wealth, Crombie Lockwood, Fonterra, Kindercare Childcare, Cunningham Lindsay, and Hawkins Construction.
Ryan Geddes, of Colliers International in Christchurch, said individual investors are attracted by the calibre of tenants and the length of leases.
Prices of the units already sold range in price from slightly more than $1 million up to $2 million.
Now on the market are units 6 (under offer), and 13, both freeholds in stratum, and lot 3, a freehold title leased to Telecom, Hawkins and EQC. These units vary in size with rental income ranging from $98,000 to approximately $700,000.
Colliers investment broker Philip Cooper said the short supply of quality investment stock in Christchurch with excellent tenants had resulted in strong interest in the well presented mixed use business park.
Developer Latitude Group still retains the lion's share of the complex but is selling some units to free up capital for further investment in the Christchurch rebuild.
Print this article or Email to a friend