Rolleston Fields opportunity knocks
A new building in booming Rolleston’s town centre, with Selwyn District Council and Harcourts as its anchor tenants, is for sale with a price tag of $7.9 million.
Building I is located at 58 Tennyson Street in the new architecturally designed Rolleston Fields complex. The tenanted investment is being sold by investment specialist Courtney Doig of Colliers.
Comprising four stages, Rolleston Fields is the brainchild of mother-daughter duo Lilly Cooper and Caroline Cooper-Dixon of Cooper Developments, in conjunction with Selwyn District Council. They aim to complete the town centre development over the next five years with the ethos of developing a vibrant town centre focusing on meeting the entertainment, hospitality, workplace, and retail needs of the community.
Tennyson Street is the only two-storey building in the development and the only one to incorporate office space.
Doig says the highly visible building has an excellent mix of office and retail tenants.
“The developers had originally planned to retain it but have decided to sell so they can move ahead with the remaining buildings in Rolleston Fields to complete their vision of creating a new town centre. They are realistic in their expectations and have priced this exceptional building to meet the market.”
Sitting on 903sqm of land, the 1081sqm building has a large 45m frontage to Tennyson Street and comprises seven retail tenancies and four office spaces with a versatile layout to accommodate a range of ventures.
“With multiple rental income across the eight tenancies, this property presents an enticing prospect for astute investors,” Doig says.
Retail tenants include Resonate Health, Trending Nails, The Sushi Shop, Teaseme, and Just Cuts.
Enhancing Rolleston Fields’ appeal are key community attractions such as the local library Te Ara Atea, new skate park, and Foster Park – the largest sport and recreation park in Selwyn District.
Rolleston has been New Zealand’s fastest growing town for several consecutive years with its population expected to grow another 40 per cent in the next six years. It has a unique young family demographic, one of the highest in New Zealand with good regional spend.
Selwyn District Council has invested more than $128 million into Rolleston to support the growth of the town. The council sees Rolleston as a central economic and community hub for the district.
The new Southern Motorway has drastically reduced travel time from Rolleston to Christchurch, to just a 15-minute drive. This has been a huge selling point for its expanding industrial area, comprising the business parks of IPORT and Izone. The industrial transport hubs handle 92 per cent of Canterbury’s exports.