Prime Christchurch office park up for grabs

Premier Christchurch office precinct Hazeldean Business Park, in Lincoln Rd on the city fringe, is for sale.

Developed by Calder Stewart, the park comprises six individual buildings, including a multi-storey car park providing 493 spaces, plus an additional 100 car parks outside the buildings.

Marketed by Hamish Doig, Mark Macauley and Marius Ogg of Colliers, the property is being offered for sale by deadline private treaty closing 30 June.

“To the astute investor, this is an opportunity to secure quality buildings in a strong location, underpinned by a substantial landholding,” Macauley says.

“It’s a great position, benefiting from multiple street frontages and easy access to surrounding transport links and the central city.

“There’s sound income across multiple buildings and 19 individual tenancies with strong occupancy.”

On the southeastern side of Lincoln Rd, near its intersection with city ring road Moorhouse Ave, the park has a net lettable area of 15,027sq m and covers 1.6086ha. Net annual rental income is $2.21 million.

Hazeldean Business Park is part of the thriving Addington business and hospitality district and is only 2.5km from the CBD.

Doig says that following a period of market upheaval and change following the earthquakes, the Christchurch office market is more settled and mature.

“After years of over-supply that pushed rental rates down, vacant space in the CBD has been largely absorbed and we’re now facing a shortage of available stock. In turn, we’re seeing falling vacancy rates in the suburban market and space close to the fringe is keenly sought. The suburban market has experienced a good take-up of available space.”

Doig says there is still a large differential between CBD and suburban rental rates for quality stock, an appealing variable for those tenants who don’t want a CBD address.