Wealthy Goughs put final assets on the market
One of Christchurch’s wealthiest families, the Gough family, has placed a big industrial property covering more than 50,000 square metres on the market.
It is the remaining asset of the 90-year-old family business. Last year, the business operations of Gough Group were sold to Malaysian-based buyers Sime Darby Berhad for $211 million.
The 5.1-hectare site in Hornby was not part of that sale.
It fronts on to Amyes Rd and Branston St and comprises seven independent buildings with a combined floor area of 14,025sqm and a large parcel of brownfields land.
Gough Group was one of the oldest privately owned businesses in New Zealand and held the prized Caterpillar dealership in New Zealand for about 90 years.
It was one of New Zealand’s leading heavy equipment, materials handling, power system, and truck and trailer parts suppliers.
It represented brands such as Caterpillar, Palfinger, Hyster and Sany through more than 60 branches across New Zealand and Australia.
The Gough family shareholders, the grandchildren of founder Tracy T Gough, have been embroiled for many years in a battle for control of Gough Group.
They are well known in Christchurch and include property developers and investors Ben Gough and Antony Gough, grandchildren from different sides of the family through the founder’s first and second marriages.
The new owner of Group, Sime Darby, is the largest Caterpillar
Gough one of heavy
machinery dealers in the world and has a range of commercial interests in the New Zealand transport sector.
The heavy machinery operations of Terra Cat, the trading name of the Sime Darby operations, are housed at the Amyes Rd property and the business is still located at the site and has a further lease to January 31, 2024.
The property, located at 22-24 Amyes Rd and 16 Branston St, is for sale by private treaty with the
deadline for
October 14.
The majority of the property is at 16 Branston St which has a government valuation of $15.25m, according to Christchurch City Council records.
The property is being marketed by Hamish Doig and Mark Macauley of Colliers International in Christchurch.
Doig said Colliers expected widespread interest in the property from investors and developers because of its scale and location. offers closing on
‘‘Christchurch developers are always looking for large brownfield development opportunities in the Hornby area, and we are expecting national interest due to the scale of the opportunity,’’ Doig said.
There were multiple ways the property could be developed, such as an industrial park using the existing buildings and developing further facilities or the development of trade-based retail with Hornby Hub and the Dress-Smart shopping centres close by.
Hornby was one of the most sought-after industrial areas in Christchurch and had undergone a substantial makeover since the earthquakes, with new builds and burgeoning retail developments led by the Hornby Hub.
Road improvements and developments were driving industrial property demand. Halswell Junction Rd had been improved and the upcoming opening of the Southern Motorway Stage 2 was a game changer for traffic heading to Rolleston and further out.
‘‘Christchurch developers are always looking for large brownfield development opportunities in the Hornby area, and we are expecting national interest due to the scale of the opportunity.’’
Hamish Doig
Colliers International