Polystyrene maker’s premises sparks FOMO
The premises housing a pioneering New Zealand manufacturer of polystyrene has been put up for sale in a Christchurch industrial stronghold.
The industrial warehouse-and-office building sits on a more than 2500 square metre site in the suburb of Belfast, in an area considered the city’s northern gateway. The property is fully leased to Expol, the country’s largest polystyrene manufacturer whose insulation and construction solutions are sold through major building suppliers nationwide.
Expol occupies its Belfast premises on a current lease that runs through to 2026, with two further three-year rights of renewal. The lease generates an annual net rental return of $143,263 plus outgoings and GST per annum with built-in market rent reviews every two years, the next being in June 2024.
From beginnings as a groundbreaking Kiwi manufacturer of packaging made from polystyrene, Expol turned its hand to insulation in the 1990s. This sparked rapid business growth as consumers embraced the synthetic resin’s exceptional insulation properties.
Today, the fully New Zealand-owned company has seven manufacturing and recycling plants nationwide. It makes 100% of its products in this country, with a strong focus on environmental sustainability.
The freehold land and buildings housing Expol at 10 March Place, Belfast, Christchurch, are now being offered for sale through Steven Schwalger and Graeme Donaldson of Bayleys Canterbury.
The site will be sold by deadline private treaty closing on Thursday 14 March 2024.
Schwalger said the more than 1420sqm buildings sat on some 2536sqm of freehold land with five on-site car parks.
“The building contains an approximately 1275sqm, clear-span warehouse with a stud height ranging from six to 8.5 metres, and this is accessible via five roller doors.
“The balance of the building is home to ground and first-floor offices, a cafeteria and amenities.
“Originally built in the late 1970s, the structure was strengthened in 2018 to an Initial Evaluation Procedure seismic rating of 67% of New Building Standard,” said Schwalger.
Donaldson said that in addition to the high-quality tenant and lease arrangements, the strategic location made the March Place site highly attractive to commercial property investors.
“This site forms part of the Industrial General zone under Christchurch’s district plan. Its position just off Belfast Road places it in the heart of the Belfast industrial precinct. Surrounded by old and new developments, it is nestled between many successful businesses.
“Located around 11 kilometres from the central city, Belfast forms the northern gateway into Christchurch. March Place is only a few minutes' drive from State Highway 1 and the Northern Corridor making traversing Christchurch a breeze. It is also handy to a major bus route along Main North Road,” Donaldson said.
The property is fully leased to Expol, the country’s largest polystyrene manufacturer whose insulation and construction solutions are sold through major building suppliers nationwide.