Access and amenities in business park
hen it comes to choosing real estate, businesses have plenty to consider. Cost is an obvious consideration as is location, ease of access, visibility, scope for design and build, as well as the make- up and appeal of the surrounding community.
Though Christchurch commercial and industrial real estate options have grown in recent years, properties ticking all these boxes have been harder to come by.
Graeme Donaldson, principal at MB Cook, says the best option is often for clients to secure land that offers them the chance to build fresh.
“Companies make compromises when they have to use an existing building. Waterloo Business Park gives clients the opportunity to buy land and do the development themselves. The result is greater freedom of choice and a more efficient outcome because they can create a building exactly as they want it.”
The four lots are: Lot 11: 1.6ha ( 16,022sq m); Lot 12: 1ha ( 9,987sq m); Lot 20: 0.91ha ( 9,125sq m); Lot 21: 1.26ha ( 12,600sq m).
Positioned at the Pound Rd entrance to this master- planned development, each lot offers size and scope to design and build, high visibility for potential customers and excellent roading access.
However, it’s the question of access that Donaldson believes will be the key selling point for these lots.
“We are finding a lot of people are moving out towards the South Western side of Christchurch. Much of that has been brought about by the extension of the Southern motorway and the ease of getting out there. Upon completion of the Halswell Junction Rd extension, Waterloo Business Park will offer excellent access to the port, city and airport, a drawcard for occupiers coming from the likes of Auckland, and for local businesses.”
NZTA is currently re- developing the road connections around the park, with completion due by end of 2017.
The diverse nature and high quality of the development is an attraction for potential occupiers. Started in 2013 in Hornby and comprising 114ha hectares the development was conceived of as a place that offers genuine work- life balance.
Waterloo Development Manager Hamish Clarke says the park was inspired by best practice examples around New Zealand and the world.
“The vision of the directors was to create a true business park that’s both commercial and industrial. It’s a welllandscaped, attractive environment supported by a host of amenities. Eventually we’ll have significant food and beverage, and convenience retail offerings on- site too, so there’ll be added convenience for workers as well as places for business people to take their clients.
“The whole idea is to create value for our occupiers that flows back into their own businesses.”
The proof i s in the uptake, and Waterloo Business Park has demonstrated its desirability since its initial launch in the market four years ago.
“We’ve enjoyed strong sales,” Clarke adds.
“I think part of that is due to our willingness to work with developers and occupiers to meet their needs. We can subdivide lots, we’re flexible and we find ways to meet the requirements of our clientele.”
Lots 11,12, 20 and 21 have just been released and are expected to attract strong demand.
“They really stack up in business terms for clients who need flexibility, visibility and easy access to transport networks”, says Donaldson. A 1740sq moffice/ warehouse facility on a freehold 4153sq mproperty at 202- 220 Main Rd Kumeu, has been sold for $ 2.2m by Jonathan Lynch and Craig Smith of Colliers International, a land and buildings rate of $ 530/ sq m. A 1985sq mseven- cinema complex on the top of the Rialto shopping centre at 153- 185 Broadway, Newmarket, occupied by Rialto Cinemas, has sold for $ 4.5m at 9.1 per cent yield through Alan Haydock, and Damien Bullick of Bayleys Auckland City & Fringe team. Rialto renewed its lease for five years in 2015. A 444sq mcommercial unit at B1 63 Apollo Drive, Rosedale, North Harbour, has sold with vacant possession for $ 1.85m by Nick Recordon and Janet Marshall of Colliers International. A recently refurbished 1174sq m industrial building on a 2100sq mLight Industry zoned site at 6 Dryden Place, Mt Wellington, with a lease back to Connexwire until June 2027, has sold for $ 3,325,000 at 5.5 per cent yield through James Valintine and Sunil Bhana, Bayleys Auckland. A 2692sq m, 47 room hotel in Napier, on a new 10- year- lease to a Quest serviced apartment franchise, has been sold by Colliers International brokers Ian McLachlan and Jack Elliott. The 908sq mfreehold site at 176 Dickens St was sold by negotiation for $ 7.1 million. A 339sq mindustrial unit in the Interplex business park, Canaveral Drive, Albany has sold for $ 1.25m, an 4.8 per cent yield through Matt Mimmack and Alex Strever, Bayleys North Shore Commercial. It is leased for four years from September 2015. Adelphi Motel, a 10- unit complex plus 4 bedroom home totalling 620sq mon a 2023 sq mcorner site with further development potential at 39- 41 Kaimanawa St, Taupo has sold as a freehold going concern for $ 1.69m through Carlene Reid, Bayleys Taupo.