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Prime Christchurch office park up for grabs

NZ_AucklandCBD_Communications_Prime Christchurch office
Premier Christchurch office precinct Hazeldean Business Park, which is located on the city fringe in Lincoln Road, is being presented to the market for sale.

Developed by Calder Stewart, the park comprises six individual buildings, including a multi-storey car park, providing 493 spaces, plus an additional 100 car parks outside the respective buildings.

Marketed by Hamish Doig, Mark Macauley, and Marius Ogg of Colliers, the property is being offered for sale by deadline private treaty closing 30 June.

“To the astute investor, this is an opportunity to secure quality buildings in a strong location, underpinned by a substantial landholding,” Macauley says.

“It’s a great position, benefiting from multiple street frontages and easy access to surrounding transport links and the central city.

“There’s sound income across multiple buildings and 19 individual tenancies with strong occupancy.”

Situated to the south-eastern side of Lincoln Road, just south of its intersection with city ring road Moorhouse Avenue, the park has a net lettable area of 15,027sq m and covers 1.6086ha of land. Net annual rental income is $2.21 million.

Hazeldean Business Park forms part of the thriving Addington business and hospitality district and is only 2.5km from the CBD. Additional amenity is provided by nearby Hagley Park, and the Parakiore Recreation and Sport Centre, which is currently under construction.

Doig says that following a period of market upheaval and change following the earthquakes, the Christchurch office market is more settled and mature.

“After years of oversupply that pushed rental rates down, vacant space in the CBD has been largely absorbed and we’re now facing a shortage of available stock. In turn, we’re seeing falling vacancy rates in the suburban market and space close to the fringe is keenly sought.

“The suburban market has experienced a good take up of available space.”

Doig says there is still a large differential between CBD and suburban rental rates for quality stock, an appealing variable for those tenants who don’t want a CBD address. 

To view more investment opportunities use our property search here.

Related Experts

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. 

View expert

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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Marius Ogg

Investment Sales Broker

Christchurch (Agency)

Marius Ogg brings a wealth of experience to the investment sales team after 25 years in property valuation. This means he understands commercial and industrial  property inside out, and can work with clients on all the fundamentals of investment property.

Marius has expertise in all areas of commercial property and development land.

Highly respected for his valuation work in Christchurch and other metropolitan areas of the South Island, he has built a wide and influential network. He is passionate about property.

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