Leading supplier’s premises up for sale

The Christchurch industrial property housing a leading New Zealand supplier has been placed on the market.

The modern warehouse and office premises lie in the heart of the Wigram industrial precinct in southwest Christchurch.

The freehold property at 10 Hammersmith Drive is fully leased to a privately owned Canterbury company which has traded for over 30 years.

The company’s tenancy will provide a new owner with net rental income of $246,130 plus outgoings and GST per annum.

Its new six-year lease comes with two further six-year rights of renewal, as well as annual CPI rental increases, with market reviews at renewal.

The land and buildings are being marketed for sale by auction on Thursday July 1, through Bayleys Christchurch. Salespeople Nick O’Styke and Harry Peeters said the property consisted of a building of some 1907sq m on approximately 2850sq m of freehold land, with onsite parking for 30 vehicles.

“Built in 2008 by leading contractor Calder Stewart, this is a modern A-grade industrial building whose favourable warehouse-to-office ratio makes it attractive for a wide variety of uses and tenants,” O’Styke said.

Peeters said the industrial precinct in the east of the suburb, 7km southwest of the city centre, was highly sought after.

“Tenant demand is high and vacancy low. Recent sales of industrial properties in Wigram and surrounding areas have seen yields for buyers ranging from 4.5 per cent to more than 6 per cent,” he said.