A rare investment opportunity in Hornby, Christchurch, underpinned by a new 10-year lease to Vodafone, has the added benefit of considerable development upside.
Located at 41 Waterloo Rd, the property covers 5,987sq m. It includes 3,099sq m of surplus land at the rear of the site, and a 304sq m building occupied by Vodafone New Zealand on a long-term lease with two 10-year rights of renewal and fixed two per cent annual increases.
Investment Sales Broker Courtney Doig of Colliers International says the offering meets all the criteria investors seek.
Purpose built in 2013 for network usage, the building is situated on the southern side of Waterloo Rd, and meets 100 per cent of the current building standards.
“There are so many options for this site – it’s unusual to have the benefit of a long term blue chip national tenant like Vodafone coupled with the potential of a development twist,” says Doig, who is marketing the property in conjunction with Hamish Doig.
“This offering gives an investor the opportunity to either develop the surplus land or sell it off, further enhancing the desirability of the offering. Alternatively it’s a great opportunity for an owner occupier, especially two street accesses giving increased flexibility,” Courtney Doig says.
“Properties in Hornby are tightly held. The area has matured and improved greatly over the past 10 years with a large amount of new development and refurbishment of older facilities taking place.
“The roading improvements and developments taking place in this area are a big driver for industrial demand.
“The upgrade of Halswell Junction Rd has greatly improved the flow of traffic and the upcoming opening of the Southern Motorway Stage 2 will be a game changer for traffic heading to Rolleston and beyond. The already completed western bypass links this area to the airport and north in just minutes.”
The burgeoning commercial/retail precinct in Hornby is located approximately 1.5km from 41 Waterloo Road and is home to the popular retail developments of The Hub Hornby Mall, Dress-Smart and Mitre 10 Mega Centre. Trade-retail is a growing market in this location with Placemakers, Bunnings Trade, Carters and ITM all in close proximity.
The property is being auctioned at 10am on Thursday 26 March, unless sold prior.