Large format retail site on busy Middleton corner
A large-format retail property on a high-profile corner site in the industrial suburb of Middleton is expected to draw interest from owner-occupiers, added-value investors and developers.
Located on the corner of Blenheim and Annex Rds, the freehold property has a 6516m2 site area with a net lettable area of approximately 3900m2.
Nick Doig of Colliers said there were 72 car parks on the site, providing parking for a high volume of potential customers, and futureproofing the site for intending occupiers.
‘‘Properties in Blenheim Rd are tightly held so it is unusual to find this sort of opportunity, which is so strategically located and has immense potential.
‘‘There is good holding income from existing tenants while a new owner considers options for further development,’’ Doig said.
The offering comprises four interconnected buildings of various ages from pre-1978 to 1987, with various options available for reconfiguration to suit a mix of tenants.
Two tenants – Fiji Food Distributors and Kiwi Kitchens – are the two current tenants occupying 1384m2 and 106m2 respectively.
A showroom of 1996m2 is vacant, together with 412m2 of upstairs office and amenities. The approximate potential net annual rental is estimated at $641,215.
Doig said the area was a desir
able large format retail location, with Blenheim Rd home to several large-format stores including Bunnings. The s154m street frontage ensured a high profile to the 46,249 vehicles passing daily.
‘‘One of the big attractions of this site is that, because it is located on a traffic-lighted intersection, it can be easily accessed by both east- and west-bound traffic on Blenheim Rd which is a benefit most properties along this stretch don’t enjoy.’’
Sam Stone of Bayleys said with its commercial mixed-use zoning, which enabled growth of predominantly industrial activities, the Middleton area was home to a mix of retail, light industrial, trade showroom and commercial activities and was well serviced with gyms, cafés and eateries.
Middleton was also surrounded by the established residential and commercial suburbs of Riccarton, upper Riccarton, Ilam, Sockburn and Wigram, he said.
‘‘The popularity here comes from the roading systems, strong amenity and ease of access to all areas of the city including the CBD, Christchurch International Airport, inland ports and Lyttelton Port,’’ Stone said.
‘‘Annex Rd links Blenheim Rd with Birmingham Drive and access to State Highway 73, off Lunns Rd, within minutes from this property.’’