Green light for sale of Sockburn site
The land and buildings housing a traffic management company’s regional headquarters and an office equipment and stationery supplies firm are on the market for sale.
Surrounded by two-metre-high security wiring, half of the property at 8 and 8A Cable Street in the Christchurch suburb of Sockburn is occupied by RTL – a national company specialising in the provision of road traffic management signage and directional systems.
The remainder of the Cable Street property is tenanted by National Express Products (NXP) which sells an extensive range office equipment.
The Sockburn properties are zoned Commercial Mixed-Use under the Christchurch City Council plan, which allows for commercial-related activities to be conducted while simultaneously enabling the growth of industrialbased activities.
Other businesses in the area include small light industry retail premises and operations servicing the likes of the automotive sector and freight forwarding companies.
The freehold land and buildings at 8 and 8A Cable St are being marketed for sale at auction, April 29, through Bayleys Canterbury.
Salesperson Murray Madgwick said there was the potential for owner-occupiers to take up one of the buildings and continue leasing the other, or for investors to continue operating the property in its existing format. Subject to council consents, there was also the potential to subdivide the two adjoining properties into separate entities. Combined, the two properties on a single title consist of 3480 sqm of buildings and car parking for 33 vehicles sitting on 4717 sqm of land.
Occupying the 1175-sqm site at 8A Cable St in a high-stud warehouse, RTL is on a current lease running through to 2023, with three further two-year rights of renewal, currently generating annual net income of $103,250 with a market review underway at present. Rental review provisions every two years are written into the current lease. The property includes 23 car parks.
Next door, occupying the
2332-sqm site at 8 Cable St, NXP has a month-by-month lease generating an assessed annual income of
$196,000. The property also features a high-stud warehouse with two levels of office space and includes car parking for 10 vehicles.
Madgwick said a building upgrade programme to strengthen both premises to 67 per cent of new build standards had been completed
on the 8 Cable St building and is underway at 8A Cable St.
‘‘In addition to undertaking the seismic compliance work, the building’s owner has also replaced the roof on the property at 8 Cable St, as well as all associated flashings, gutters and draining.
‘‘A new parking area and street crossing have also been developed at the front of 8 Cable St providing additional sealed parking, and both buildings have been given a recent upgrade of the office space,’’ he said.
‘‘Both properties enjoy prominent street frontage onto Cable Street and are designed around the tenancy needs of companies requiring good levels of warehousing space and administrative office space.’’