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.”