The Tait Foundation is seeking to sell its state of the art offices and assembly area for Tait Communications in Burnside, Christchurch, with a combined price tag of approximately $58 million.
Garry Diack, chief executive officer of Tait Communications, says Tait remains committed to the site but wishes to free up capital for technology investment.
“Tait has historically maintained a strong level of investment in its future technologies and in the development of the Tait Technology Centre in Christchurch.
“In the face of strong and sustained international growth opportunities, we see much greater value in repositioning our investment portfolio to an even stronger weighting in digital communications research and development.”
Hamish Doig, Managing Director of Colliers International Christchurch, who is marketing the technology campus with investment broker Noel Gilchrist, says the two buildings are offered for sale as one lot or can be bought separately.
Tait has a 15-year lease on both. The head office has an asking yield of 7 per cent and the assembly plant, of 8.25 per cent.
“The two buildings offered for sale are a trophy purchase that will offer excellent returns over the years to come.”
The head office, at 245 Woolridge Road, is sited on 2.27ha and returns a net rental of $2.557 million each year. Rentable floor area covers 6834sq m, including 273 car parks.
The assembly plant at 558 Wairakei Road, has a total land area of 2.7ha with net rent per annum of $1.751 million. Rental floor area covers 11,394sq m, including 232 car parks. The properties are for sale by private treaty.
The total campus is made up of a substantial land holding of 13.52ha, some of which is future development land.
The Tait Technology Centre is the global headquarters of Christchurch company Tait Communications.
Built post-earthquake in 2014, the centre is cost effective, environmentally sustainable and provides excellent seismic qualities through the use of post tension cables. The building features a full height central atrium.
Tait is a world leader in mission-critical communications solutions, and market-led innovation has been central to its success since the business was established 40 years ago.
Tait solutions and services support customer organisations in more than 100 countries around the world and the company has a strong growth forecast for its core markets.
Doig says Burnside is a progressive niche industrial business district of Christchurch located 7.4km north west of the CBD core.
The district is supported by a large labour force and is well located to Christchurch International Airport and the principal bypass traffic route linking the Main South and Main North State Highway 1 roads.
During the last 25 years, Burnside has become an established software and electronic development and manufacturing location.
More recent development includes Technology Park, located in nearby Sir William Pickering Drive, established to accommodate high-tech activities such as software and electronics.
Considerable new development has occurred in Technology Park and the adjoining Burnside business district since the February 22, 2011 earthquake and there is now virtually no vacant land available for further development.
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