Christchurch portfolio features commercial, industrial assets
A varied and leased Christchurch portfolio of eight freehold commercial and industrial properties is for sale, in part or as a whole.
Located in Christchurch’s preferred locations, and with many having identified rental upside, the properties span the warehousing, office and retail sectors.
With the portfolio’s family partnership owners looking to release capital, Bayleys Christchurch brokers Graeme Donaldson and Mary Cooper have been appointed to sell the properties via deadline private treaty closing Thursday, March 9 unless sold prior.
Donaldson said with low vacancy rates across the city, the quality portfolio offers astute investors an opportunity to leverage the city’s strong-performing commercial and industrial sector.
“These leased properties provide sound income, along with opportunity to optimise the rental return in some instances, and the pivotal locations bode well for the future as the city continues to evolve,” he said.
“The portfolio in its entirety could appeal to a family trust, but equally, the individual properties will resonate with investors looking to either kickstart – or add to – a portfolio themselves.”
Four of the properties on offer are industrial, with varying ratios of warehouse, workshop and office amenities.
The flagship 1280sqm high-stud warehouse property at 120 Carlyle St, Sydenham on the CBD’s southern fringe and accommodating Harvey Norman’s distribution centre, is expected to garner broad interest. It has three levels of associated offices and 15 on-site carparks.
Walker Industries, the leading local manufacturer of gate hardware, has been based at 6-8 Hanworth Ave, Hornby, since 2011 and renewed its lease in 2019 for a further eight-year term.
A dual access high-stud warehouse with showroom, two levels of quality offices, good staff amenities and 20 car parks at 97 Magdala Place, Middleton, represents upside for investors given the current below-market rental for long-term existing tenant, wholesale performance textile supplier W. Wiggins.
First-time investors will appreciate the value offered by 436 St Asaph St, Phillipstown, a modest 1960s-built traditionally-styled two-storey warehouse occupies occupied by Hooper Wholesale.
The portfolio features a range of office accommodation. They include 8 Nelson St, Riccarton, an office building over four self-contained levels extensively refurbished in 2016-17 and 10 Nelson St, a two-level property built in the early 2000s.
130 Riccarton Rd is a generous-sized two-storey retail/ office property partitioned into two ground-floor retail spaces. First-floor offices are currently vacant. Adjacent at 2 Kauri Street, a single-level office/retail building now accommodates a successful 24-hour laundromat.