Dulux anchored complex paints attractive picture
A high-profile Christchurch commercial complex for sale anchored by Dulux paints an attractive picture for commercial property investors.
The more than 2,500-square-metre property sits beside the Northwood Supa Centa with prominent exposure to arterial Main North Road, in the northern Christchurch suburb of Belfast.
Fully leased to a Dulux paint store plus leading Christchurch optometrists T & S Opticians and vacuum cleaner specialists Godfreys, the site generates a total net rental return of $254,040 plus outgoings and GST per annum.
Dulux occupies some 390 square metres of retail, showroom and warehouse space on a current lease that runs through to 2028, with a further two-year right of renewal. The lease generates a net rent of $99,270 plus all outgoings and GST per annum.
Dulux Group employs some 8,000 people in Australia, New Zealand, Papua New Guinea, China, the UK and Europe. In 2019, it became part of Nippon Paint Holdings, the world’s fourth-largest paint company and the largest in the Asia Pacific region.
With Godfreys now in voluntary administration, the vendor has committed to providing certainty to buyers by underwriting the more than $76,000 net rent for Godfreys premises for a year from settlement.
The freehold land and buildings at 552 Main North Road, Belfast, Christchurch, are being offered for sale through Graeme Donaldson and Steven Schwalger of Bayleys Canterbury.
The site will go under the hammer at an auction on Tuesday 23 April, unless it is sold prior.
The property for sale comprises approximately 900 square metres of buildings on some 2,523 square metres of freehold land with 36 car parks.
Donaldson said it would appeal strongly to commercial property investors.
“This is an attractive split-risk tenanted investment with diversified income streams. It blends a history of tenant commitment with a prime location in an exceptional retail precinct,” Donaldson said.
The property is constructed with concrete floor slab and pre-cast concrete walls, supported by steel portal frames.
“This well-presented and welllaid-out complex is split into three tenancies, each containing between 247 and 263 square metres of retail/ showroom space with amenities, offices and storage – plus the new nearly 140-square-metre warehouse constructed for anchor tenant Dulux.
“The large shared car parking area allows for ease of access and manoeuvrability for staff and customers,” said Donaldson.
Schwalger said one of the Main North Road site’s key attractions was its excellent profile to large volumes of passing traffic, thanks to around 20 metres of frontage along one of Christchurch’s main arterial routes.
“Main North Road at this point forms a four-lane arterial which is one of the main transport corridors from central Christchurch.
“The property sits within the Commercial Retail Park Zone under Christchurch’s district plan. This provides for larger format commercial activities as well as trade suppliers such as large hardware stores, and yard-based retailing such as car sales yards.
“Businesses at the site for sale benefit greatly from their position beside Northwood Supa Centa, which is home to more than 30 retailers including Harvey Norman, Smiths City, Spotlight and Bed, Bath and Beyond.”