A large, modern and purpose-designed industrial warehouse and showroom is for sale in Hornby, Christchurch.
The complex was design-built in 2005 as a flagship facility for glass manufacturer and installer Metropolitan Glass and Glazing, says Sam Staite, director of industrial sales and leasing at Colliers International in Christchurch.
Staite is marketing 704 Halswell Junction Rd in conjunction with the agency's Christchurch managing director Hamish Doig. It features in the latest Colliers Portfolio and is for sale by deadline private treaty, closing March 15.
Situated on a substantial freehold section of 2.2ha, the 9662sq m two-level building features a conventional mix of quality showroom, offices and medium stud warehousing. A new extension to the premises of about 330sq m was completed in 2016.
Staite says Metro Glass has a further eight years to run on its 10-year lease, which expires in 2026. Earning annual net rent of $1,228,239, the lease has one 10-year right of renewal taking the final potential expiry date to 2036.
Metro is Australasia's leading manufacturer and installer of double-glazed windows for both new residential and retro-fit markets and for commercial construction. It has an extensive network of four processing and 16 distribution or retail sites across New Zealand.
Via its subsidiary Australian Glass Group, it operates two processing and distribution sites in Melbourne and Sydney.
"The tenant is very heavily invested in this site which works well for its business," Staite says.
The full height feature showroom, designed by Sumich Chaplin, gives maximum profile and street appeal to the main arterial route of Haswell Junction Rd; while offices over two levels lead back from the showroom.
Offering a conventional ratio of 90 per cent warehouse and 10 per cent office/showroom, Staite says the building would cater well for general market needs.
"Situated on a large freehold site of over 2.2ha, the building footprint only takes up about 42 per cent of the site leaving further expansion possibilities.
"Large yard areas, full drive around capability, expansive truck parking and container laydown areas plus great on-site car parking all add to the appeal."
Hornby remains one of the most sought-after industrial locations in the city and continues to grow at a rapid pace.
Staite says predictions are for another strong industrial property market in Christchurch this year, with buyers continuing to seek investments in the sector.
"The momentum from last year is carrying through into 2018. Interest in the market is incredible so early in the year," he says.
"Last year finished very strongly with a high number of large scale transactions completed in the fourth quarter. The investment and development appetite is still focused on fundamentals with location being one of the most heavily weighted attributes."
With this in mind, he expects strong interest in the sale of the prime industrial property in Hornby.