Receivers seek buyers for Christchurch property

5:12 PM Tuesday November 21, 2017 Colin Taylor

The largest site at 8 Orbell Street, houses a large ‘sawtooth’ industrial building. Photo / Supplied

Receivers are selling ‘as is, where is’ a large, high-profile industrial property divided into two parcels on the Christchurch city fringe in Sydenham.

“Sydenham remains a keenly sought-after area and is a high growth location,” says Sam Staite, director of industrial leasing and sales with Colliers International in Christchurch, who is marketing the freehold properties for sale by deadline private treaty, closing at 4pm on December 6.

Staite says the offering comprises 8580sq m of Industrial zoned land split into two parcels, one of which has a substantial profile to State Highway 76, on the corner of Brougham and Orbell Sts.

The largest site of 7482sq m, at 8 Orbell Street, has a net lettable area of 6200sq m with a huge frontage onto busy Brougham St. The property comprises a ‘sawtooth’ building with a ground floor office of 363.64sq m, a first-floor office of 777.04sq m and a warehouse of 1855.58sq m. The northern warehouse has 113.21sq m of office and amenities, and 3122.88sq m of warehouse space.

Both buildings are of mixed construction including brick, Summerhill stone, and concrete block, with corrugated iron and sawtooth roofs. Access to both warehouses is via roller and sliding doors with a large rear yard. There are 84 car parks. A net annual holding income of $135,000 comes from month by month leases to a fashion clearance retailer, Big Brands that fronts onto Brougham St while Kitchen Things fronts Orbell St.

The smaller property of 1098sq m, at 48 Orbell St, is a fenced bare parcel of gravelled land.

“Tenanted investments, or vacant buildings for that matter, rarely come available for sale in this location and, when they do, they are always sure to attract strong interest,” Staite says. “This is a really unusual opportunity to buy a significant land parcel, with potential to add value to the buildings on site. We expect significant interest from investors and owner occupiers.

“Sydenham remains a key industrial and commercial area in Christchurch because it’s so close to the city centre and main arterials. It has one of the lowest vacancy rates of all industrial areas in Christchurch and land is very tightly held. The area is home to a wide range of national and international businesses including Foodstuffs South Island, which own land adjacent to this site.”