Shops at fast-growing Mandeville
Built last year about 25km northwest of Christchurch, the Mandeville Village Shopping Centre is now on the market for sale.
CBRE is marketing the centre; the tenant mix includes a SuperValue supermarket, petrol station, early childhood learning centre, beautician, restaurants and cafes.
The freehold property is to be sold by a deadline private treaty, closing at
4pm on May 23 (unless sold prior), says the managing director for CBRE Christchurch, Tim Rookes.
The facility, at 468 Mandeville Rd, comprises two single-storey gableroofed buildings on a 6670sq m site.
It has a 102m of frontage on to Tram Rd, a route with more than
6000 daily vehicle movements. Rookes says anchor tenants are on
15 and 20-year leases with fixed annual growth, so the centre will be a stable and solid investment.
“In addition to 55 existing carparks, the commercially-zoned landholding of 6,670sq m has land set aside for future expansion.
“The Village is the commercial hub for its fast-growing community; from an investment standpoint it’s underpinned by excellent cashflow security, with a weighted average lease term of circa 11.75 years. And there’s guaranteed rental growth of up to three per cent pa.”
Less than 30-minutes’ drive from Christchurch, the Waimakariri District has had many large-scale conversions from rural to residential lifestyle properties in recent years, Rookes points out.
“By 2029, the village catchment is expected to increase by nearly 15 per cent and capture a spend of more than $119 million, further supported by continued growth in vehicle movements. So to service that, this property comprises a Stage 2 development opportunity of 410sq m.
“Potential uses would include a gym, medical services, hardware, rural and garden supplies, recreational goods and real estate agent offices.”