Z Moorhouse site a ‘jewel in investment crown’
Well-known local car dealer Paul Kelly once pumped petrol at the now Z Moorhouse site that he is selling on the Christchurch CBD fringe.
“When I was 15 years old, I used to work the Sunday 4pm-midnight shift pouring gas at the petrol station there. I held down a fulltime job, but I wanted to make some extra money to buy myself a flash set of wheels,” said Kelly
Kelly is one of the largest landowners along the city arterial route and responsible for much of its transformation postearthquake into attractive low-rise offices with generous landscaping and parking.
He is particularly attached to the highprofile Z Moorhouse site at 40 Moorhouse Ave, which he has owned for the past 20 years, describing the site as “the jewel in the crown” of his investment portfolio, but said that now is the right time to sell.
Z Moorhouse has approximately 11 years to run on its lease in the post-earthquake build, which is being marketed for sale by deadline private treaty, closing June 10 by Colliers Christchurch brokers Mark Macauley and Paul Marshall.
Macauley said the site will have wide appeal to investors throughout New Zealand.
“It ticks all the boxes as a long-term investment because of the high calibre of the NZX and ASX listed tenant, prime corner location and long-term lease with annual CPI increases.
“Z Moorhouse is located just a block over from Hagley Park, the site is close to Christchurch Hospital and other key city staples. Its position provides for a large exposure in the area with ample signage acting as a billboard to passing traffic.”
Redeveloped in 2013 to allow better access, the 2753-sqm site has access onto both Moorhouse Ave and Selwyn Street. It features a large open canopy with eight fuel pumps and a carwash. Inside, the 220-sqm retail building hosts a Z Espress cafe´ . There is also ample car parking both in front and behind the main retail space.
The fuel pumps feature Pay-at-Pump facilities, as well as state of the art Pay-by-Plate, and there are additional amenities such as an LPG gas bottle exchange, and an EV charging station.
The landlord owns the forecourt canopy, the convenience store shell and the carwash shell with the balance of the fixtures and fittings being owned by the tenant.
Z Moorhouse sits across the road from the $301 million state-of-the-art Metro Sports Facility, due for completion in 2022, which will see a large influx of visitors to Moorhouse Avenue.
Marshall said that Colliers has had a huge amount of interest in any recent offering in the industrial market.
“This isn’t just coming from local investors but from investors throughout the country who are looking for guaranteed longterm leases and income. There is a real lack of stock at the market and the fact that this is 100 per cent of NBS makes it doubly attractive.”