NPT slims down as Summerset expands
Listed property minnow NPT is getting smaller as it markets another Christchurch building, leaving it with a portfolio of just four buildings.
But listed retirement operator Summerset Holdings is expanding its $100 million Casebrook village in the northwest suburbs.
NPT was recently at the centre of a tussle for control won by Auckland-based Augusta Capital, which installed a new board of directors. The takeover stoush and new board came against a backdrop of shareholders’ dissatisfaction with NPT’s performance, and Augusta chief executive Mark Francis promised a new direction to unlock value.
The latest property on the block is 17 Print Place, located off Birmingham Drive in Middleton, Christchurch.
Sam Staite, an industrial property director at Colliers International in Christchurch, is marketing the property with managing director Hamish Doig.
The Print Place building has three tenancies. One is vacant while the other two return $1m a year in rent.
Dynamic Controls occupies 6309 square metres but will not be renewing when its lease finishes at the end of this year.
The Canterbury District Health Board occupies the middle tenancy on a long-term lease.
‘‘This is a great opportunity for savvy investors or to reposition this asset for excellent gains,’’ Staite said.
The 12,388sqm building features a large power supply, warehousing, anti-static flooring and 239 on-site car parks.
Meanwhile, Summerset chief executive Julian Cook said the purchase of 2.1 hectares in Cavendish Rd would provide for an additional 71 villas.
‘‘We are seeing strong inquiry [levels] for our Casebrook village, which is currently under construction with the first homes available to move into in March next year,’’ he said.
On completion, Summerset on Cavendish will offer more than 340 homes, including apartments and two- and three-bedroom villas.
There will also be rest-home and hospital level care as well as Summerset’s first ‘‘memory care centre’’ in Christchurch.
The memory care concept means people living with dementia have their own onebedroom apartment complete with living space and bathroom in a secure environment.
‘‘We were the first aged care operator in New Zealand to launch this style of apartment living for those with dementia … These centres provide residents with the dignity and respect of having their own home within a secure centre, purpose designed for their needs,’’ Cook said.