Significant land holding opportunity neighbouring popular business precinct

The land and buildings housing one of the most modern manufacturing plants in Canterbury has been placed on the market for sale.

The 2.9 hectare property adjacent to Christchurch’s fast growing Technology Park is currently tenanted by Christchurch Yards NZ, which utilises a 14,285 square metre manufacturing facility.

The property is located on Sheffield Crescent in the northwest suburb of Burnside, close to State Highway 1 and Christchurch International Airport.

Christchurch Yards NZ has a 12-year lease beginning in June 2004, with two four-year rights of renewal. The annual net rental income is $930,000 plus GST.

Christchurch Yards NZ manufactures and markets high quality woollen spun yarns for the carpet industry throughout the world.

The property is on the market for sale by Bayleys Canterbury with a deadline of June 7. Marketing the property are Bayleys Canterbury salespeople David Tudehope and Nick O’Styke.

Mr Tudehope said: “Christchurch Yarns NZ, originally called Christchurch Carpet Yarns, has been committed to the local economy for more than three decades, operating out of the Sheffield Crescent facility since the mid 1970s.

“The business currently employees 80 people and is one of the most modern factories of its type in the world, producing up to 240 tonnes of a wide range of yarns each month.”

Mr Tudehope said Christchurch’s northwest precinct had significantly increased in popularity following the earthquake in February last year.

“With much of the central business district out of action over the past year, many businesses have chosen to relocate to the city’s peripheral precincts,” he said.

“Canterbury Technology Park, which runs along Sir William Pickering Drive, has seen colossal growth, with large business such as the Bank of New Zealand, BDO Spicers and the Inland Revenue Department all taking up tenancies within the park.”

Mr Tudehope said investors could benefit from a significant holding income, while looking at opportunities to further utilise the land.

“Prudent investors and large land holders will see the future of this property and the potential to add significant value in rental growth and redevelopment,” he said.

“We have and expect to gain a lot of interest in this property.”

The property primarily has a Business 4 zoning, with a 689 square metre portion of vacant land at the Roydvale Avenue frontage zoned Living 1.

The Roydvale Avenue land is unable to be used for access for industrial related purposes and currently provides additional landscaped grounds.

The manufacturing facility was constructed in stages from 1975, with a major extension completed in the mid 1980s to the rear of the property.

At the northern end of the property is a 151 square metre building used for office accommodation, and separate amenities including a café on the first level.

The main warehouse is accessed through four large container doors. Included within the warehouse is a three tonne gantry crane and full sprinkler system.

Additionally, the property has a large sealed car park with room for more than 80 vehicles and a well maintained garden and lawn area.

Editor’s note: For further information or comment, please contact Bayleys Canterbury salespeople David Tudehope on 027 533 9219, or Nick O’Styke on 027 696 9801.