Investment opportunity in The Works
The Works, a large mixed-use development in Christchurch, is being put up for sale.
The freehold complex at 1 Treffers Rd in the industrial and residential suburb of Wigram was built between 2015 and 2018.
Comprising three individual buildings, The Works has a net lettable floor area of 5355 square metres, sits on a 1.5167-hectare site, and has 226 car parks.
Mark Macauley of Colliers Christchurch said the development was fully tenanted with four tenants across the three buildings occupying different-sized spaces, which included a mix of office space and a small area of warehousing plus the City Fitness building. ‘‘Enphase and City Fitness are the major anchors of the property and occupy most of the property.’’
Macauley said The Works was arguably Christchurch’s premier mixed-use precinct.
‘‘Situated on one title, the property is adjacent to fantastic roading routes and enjoys a very high profile.
‘‘This is an opportunity to secure quality buildings in a strong location, underpinned by a substantial land holding with excellent tenants, including US-based solar energy company Enphase, City Fitness and Canon, all on long-term leases.
‘‘This is an investment opportunity that ticks all the investment boxes and provides a quality bottom-drawer investment.’’
The buildings have a 100% new building standard seismic rating and the complex has a current net income of $1.506 million with the benefit of annual rental increases.
Hamish Doig, of Colliers Christchurch, said the property was in a prominent corner position on the northeastern side of Treffers Rd, at the intersection with Parkhouse Rd, and with extensive frontage to Curletts Rd in Wigram.
‘‘Parkhouse Rd is essentially the gateway to this part of the Wigram industrial district and so the property enjoys great visibility from this large traffic signal-controlled intersection with Curletts Rd,’’ Doig said.
‘‘Wigram is a progressive industrial district of Christchurch located 5.5km southwest of the CBD core. Significant modern developments have occurred in the Wigram industrial district during the past three decades providing good quality office and warehouse accommodation.’’