Scarcity of prime tracts of land in the prized industrial hub of Hornby, Christchurch, is expected to fuel interest in a large site that has just come to the market.
The 4.30ha at 85 Shands Rd is being marketed by Mark Macauley, general manager of Colliers in Christchurch and Sam Staite, industrial director. It is being offered for sale by deadline private treaty closing June 17.
Just a stone’s throw from several of the city’s largest shopping centres, including The Hub Hornby and Dress-Smart, the property is on the link road to the new Southern Motorway.
Currently leased to cardboard manufacturer Oji Fibre Solutions (NZ) Ltd, the high profile site has a 200m frontage to significant passing traffic in Shands Rd.
“It’s extremely hard to secure prime tracts of land in such a high growth location surrounded by quality industrial tenants. Zoned Industrial General, the property has many permitted uses including trade-retail, transport and logistics. We also think there’s scope for an alternative use in the medium term and it would make a prime industrial park. In the interim, Oji provides good holding income,” Macauley says.
“With a substantial passing income, any astute investor/developer will appreciate the strong cashflow while they plan the next chapter for what is one of the most impressive industrial property locations in the city.”
The site comprises several buildings across the one title, with the ability to repurpose, Staite says.
“The warehousing has been built in stages and could be split into multiple tenancies if the new owner wants to use the existing improvements when the current tenant vacates.“
The property has three vehicle access points entering from Shands Rd and one exiting onto Seymour Street at the rear. It also provides full drive-around access for heavy vehicles.
Staite says Hornby is one of the most sought after commercial/industrial areas in Christchurch with huge growth forecast for the next five years.
“This area has been greatly gentrified over the past decade with a lot of refurbishment and repurposing of older facilities. The issue with Hornby is not demand; it’s that there are virtually no large scale sites available to develop.
“The roading improvements and developments taking place in Hornby are a big driver for industrial demand. The major Shands Rd off-ramp system has seen traffic on Shands Rd increase dramatically and has provided a vital link to this new motorway system. Already the increase of trade-retailers wishing to be based on this strip to capitalise on the increasing profile has been noticeable. “