A trophy property in Christchurch’s sought after industrial suburb of Hornby has been listed for sale. Leased to an NZX listed subsidiary, the high profile property is expected to garner widespread national interest.
The A-Grade offering, at 89 Buchanans Road, is being marketed by Christian Kellar, Hamish Doig and Oliver Salt of Colliers, who are also selling another blue-chip property at 11 Establishment Drive in Hornby.
Both were developed and are owned by a private family and are scheduled for auction on August 5.
Built by Calder Stewart, the 5085sq m high stud warehouse and office building at Buchanans Road sits on a high profile 8281sq m site.
Kellar describes the property as having a large range of desirable investment attributes, including a high spec industrial building, sought after location and land holding, high calibre tenant, functional north facing offices, an abundance of carparking and large yard, and two access points.
“This high calibre industrial asset provides strong long term investment fundamentals. We’re experiencing huge demand for clean, well leased industrial stock – these investments don’t come to the market very often and are keenly contested when they do, by private investors, trusts and syndicators throughout the country.”
The property is leased to Dimond Roofing, which is owned by NZX listed Fletcher Building. The tenant provides strong annual income of $530,740.
Operating for more than 50 years, Dimond Roofing has 190 staff through a national network of 12 branches.
Establishment Drive is a new industrial asset that has just been completed by Calder Stewart and finished to their trademark excellent standard, says Salt.
The property is made up of a large clear span warehouse and single level offices covering 1664sq m on a 2802sq m site. The warehouse has multiple roller doors with drive through capability and dual access points.
“Like Buchanans Road, this property has outstanding fundamentals that make it very appealing to investors and owner occupiers who are looking for an A-Grade industrial asset which ticks all the boxes.“
Establishment Drive is located within Calder Stewart’s Hornby Quadrant industrial precinct, adjacent to Ngai Tahu’s new development on the former Watties site.
Two other modern industrial assets are set down for auction on August 5, making it one of the biggest industrial offerings in Christchurch this year.
Hornby is one of the most sought-after and evolving commercial/industrial areas in Christchurch with huge growth forecast over the coming five years. It has been greatly gentrified over the past decade with substantial-refurbishment and repurposing of older facilities.
“This is without doubt the most sought after location for national and international businesses due to its proximity to the region’s major distribution centres, excellent roading networks and the ever-growing residential population,” Salt says.
The roading improvements and developments taking place in this area are a big driver for industrial demand. The upgrade of Halswell Junction Road has greatly improved the traffic flow and the new Southern Motorway Stage 2 is a game changer for traffic heading to and from Rolleston and beyond.