Spouting firm’s Rolleston site promises strong investor pipeline
The substantial warehouse and office premises of a top New Zealand spouting provider are up for sale in one of the South Island’s fastestgrowing industrial hubs.
The more than 3700sqm freehold site sits within the Izone Business Park in Rolleston, Canterbury. It is fully leased to Continuous Spouting South, which operates in Canterbury, Otago and Westland as part of the nationwide Continuous Group.
With commercial origins dating back to 1991, Continuous Group lays claim to being New Zealand’s leading rainwater solutions company.
Its spouting, downpipe and fascia solutions attract diverse customers, from homeowners and sole-trader builders through to national building companies.
Continuous says it has products installed on more award-winning homes than any other provider.
Its modern Rolleston premises generate an annual net rental return of $196,201 plus outgoings and GST. The current lease runs through to 2030, with two further four-year rights of renewal and market rent reviews every second year.
Bayleys Christchurch salesperson Jeremy Speight said the long lease, quality tenant and built-in rental growth, combined with a pivotal location, would ensure strong interest from passive investors.
The property at 16 Westland Place, Rolleston, is being marketed for sale through Speight by way of deadline private treaty closing on Thursday, November 3, unless it is sold earlier.
The Rolleston site is one of four South Island properties the vendor is offering for sale, all with the same tenant, lease term and sale deadline – giving buyers the chance to consider a portfolio.
Speight said the Westland Place property had an approximately 1662sqm tilt-slab building on some 3785sqm of land, with 10 car parks.
The property has an Initial Evaluation Procedure seismic rating of 80 per cent of new building standard.
“Constructed in 2008/2009, the building has at its heart a modern clear-span warehouse of some 1145sqm. With a six metre-plus stud height, convenient access via five roller doors, and some 160sqm of canopy, this is an operationally efficient and versatile warehouse space – supplemented with over 500sqm of tidy office space,” he said.
“The large site offers the ability to expand the warehouse on 340sqm of surplus land to the north, if required to accommodate future tenant needs.”
Speight said the Westland Place property, and its tenant, benefitted hugely from a location in Izone Business Park, arguably the South Island’s fastest-growing industrial centre.
“Just minutes from Christchurch’s Hornby, Izone is home to hundreds of companies involved mostly in manufacturing, contracting, warehousing and logistics, and servicing Canterbury’s agricultural sector,” he said.
Another key attraction is the area’s almost unparalleled intermodal transport connections, he said.
“Rolleston is connected to Christchurch by a four-lane motorway, with a drive time of 15 minutes to Hornby, 35 minutes to Lyttelton Port and 25 minutes to Christchurch International Airport.”