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Gough sells final remaining property asset

Gough sells final remaining property asset

Gough Group has sold its last remaining property asset, the Christchurch base of its heavy machinery operations for the past 50 years.

The huge industrial site, at Amyes Rd in Hornby, has been bought by a private Christchurch investor for $14 million.

In 2019, the family-owned New Zealand business operations were sold to Sime Darby Berhad, one of the largest Caterpillar heavy machinery dealers globally. It has a range of commercial interests in the New Zealand transport sector.

The final remaining asset was the highly coveted Hornby site, covering 5.1ha. The site fronts onto Amyes Road and Branston Street, comprising seven independent buildings with a combined floor area of 14,025sq m and a large parcel of brownfields land.

Mark Macauley, General Manager of Colliers International in Christchurch, says the property had attracted strong interest from throughout New Zealand.

“We received multiple offers, highlighting the strong demand for brownfields industrial property both in sought after Hornby and the investment interest in Christchurch.

“Land developments in the area have had significant uptake and have lifted the calibre of build quality in the Sockburn/Hornby catchment. Demand is exceptionally strong in the industrial investment market with keen competition from national and local buyers, and strong syndicator interest.”

Colliers Christchurch Managing Director Hamish Doig said it was the third time they had sold the property for different vendors since 2009.

“This shows how incredibly beneficial the property has been for various owners over the past 11 years.”

A recent review of the Christchurch property market by Colliers Valuation reported that low lending margins, investors seeking a greater return than term deposit rates, and scarcity of quality stock, have fuelled extreme competition for the right assets.

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Mark Macauley

General Manager

Christchurch (Agency)

Mark is a high achieving investment broker specialising in investment sales and has negotiated in excess of $1.3 billion of sales both in Canterbury and throughout New Zealand. He has been instrumental in some of the biggest commercial property transactions in the South Island. 

Mark’s extensive national network of institutional clients, family trusts and high net worth individuals are always seeking opportunities in the commercial property market. He is a partner and general manager of Colliers International in Christchurch and was previously managing director of CBRE locally for 12 years.

Recent major transactions include: the former Police Station at 68 St Asaph Street ($24.7m); Opus House, 12 Moorhouse Ave ($37.5m); Westpac, 7 Show Place ($14.5m); 282 Durham St (confidential); and 124-140 Kilmore Street ($25.2m). 

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Hamish Doig

Managing Director

Christchurch (Agency)

Hamish is Managing Director of Colliers International in Christchurch. He is regarded as one of the most influential and well-connected investment brokers in the South Island and one of the most successful in New Zealand.

Hamish is a trusted advisor to his many high-profile clients, proactively building value into their portfolios by identifying investment opportunities. A strategic thinker, he is always solutions focused and sees opportunities where others see challenges. 

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