Time is ripe for sale in health sector

212 Bealey Ave  hero

At a time when the health sector has never been more to the fore, a new build occupied by three blue chip medical tenants is on the market in Christchurch.

The new fully tenanted building is located at 212 Bealey Avenue on the city fringe, adjacent to the Pegasus Health 24 Hour Surgery. The complex houses Unichem Pharmacy and Team Dental on 10-year leases and Triton Hearing Clinic on a six-year lease.

Covering 506.95sq m on a 1,269sq m site, the building is scheduled for auction on August 13, marketed by brokers Courtney Doig and Tom Lax of Colliers International. The complex can be accessed from either Bealey Ave or Madras St and is serviced by 22 car parks. Built in 2018, it is 120 per cent of NBS.

Doig says such premium properties are rarely available, particularly in the current climate where investors are holding onto their assets.

“This meets or exceeds all the criteria for a passive investment and is likely to appeal to people seeking a modern, low maintenance building underpinned by strong tenants on long lease terms. All the tenants offer strong lease covenants with lengthy trading history and that are extensively underwritten.”

Triton Hearing has the largest lease with 253.3sq m, with Unichem covering 142sq m and Team Dental 111.05sq m. Net annual income stands at $235,798 plus GST.

Doig says Auckland investors continue to be active in the Christchurch market.

“For instance, a motel block we recently auctioned in upper Riccarton went under the hammer for $1.5 million with 27 bids – half the bidders were from Auckland as was the eventual buyer.”


Related Experts

Courtney Doig

Investment Sales Broker

Christchurch (Agency)

Courtney has won multiple national awards and is recognised as one of the star performers at Colliers. She is widely respected for her initiative, tenacity, and professionalism. 

During the past year, she negotiated more than $94 million of investment sales including a diverse variety of commercial buildings and ‘as is where is’ body corporates.

Rising to the top of the industry in a short time, Courtney was named Colliers International Rookie of the Year in 2014, after achieving the highest revenue of all new brokers. Since then she’s added Colliers International Managing Director’s Award in 2011 & again in 2013, followed by the REINZ Commercial & Industrial Rising Star of the Year in 2014 and General Manager’s Award in 2017. In 2018 she was recognised as the winner of the RICS Women of the Built Environment which promotes positive contribution to the property industry.

Courtney is the dominant broker in body corporate ‘as is where is’ sales, implicitly understanding the complexities of this sector. 

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Tom Lax

Office Leasing Broker

Christchurch (Agency)

Tom has worked within the Christchurch commercial market for the past six years. He has extensive experience in the real estate industry, having earlier worked with the UK’s West end office market.

Since relocating to Christchurch, he has worked extensively with a number of the major developers and landlords as part of the on-going rebuild within the city. 

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