Value add opportunities in demand

The family of late motorsport driver Stan Redmond is selling an industrial property in Sydenham, where his former factory is based.

Redmond established Flexoplas Packaging Ltd in 1983. It was sold after his untimely death from a motorsport accident in 2013.

The new owners of Flexoplas are shifting their operations next January to East Christchurch, and Redmond’s family has decided to sell the buildings on Wordsworth, Hawdon and Kingsley Streets.

The 4835sq m holding will be sold on an ‘as is where is’ basis in one lot. It comprises nine buildings, with total floor area of 3728sqm.

Circa 1970s construction, the offering is in seven freehold titles, together with four individual unit titles.

The site has 57m of frontage on to Wordsworth St, 98m to Hawdon St and 37m to Kingsley St. Annual total rental is $374,863.

Sam Staite, who heads the industrial division for Colliers International in Christchurch, says ‘value add’ opportunities are still popular.

“Large-scale properties in this area are rarely available for sale. Although still a popular location for automotive services and supplies, due to its close proximity to the CBD, gentrification is now widespread through the Sydenham area.

“Flexoplas provides significant holding income until the end of January 2020 when its lease expires, which leaves the buyer with plenty of time to plan for the buildings future.”

The property is being sold by auction at 10am, Thursday, July 4, unless sold earlier.