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Add-value industrial asset beckons investors

A tight industrial leasing market, a lack of new-build stock in the pipeline and the continued demand for logistics and manufacturing space has put the focus back on B- and C-grade property in Christchurch as investors look for opportunity to leverage robust industrial fundamentals.

The suburb of Bromley around 5km east of Christchurch’s CBD has long been popular with more-gritty industrial occupiers. There’s strong demand for functional, accessible and comparatively affordable space and landlords tend to hold onto assets in the area given this appetite from tenants and the potential that the often larger-scale landholdings offer.

Agents marketing a fully-leased large warehouse/office property with a sizeable yard on a huge site at 19 Taurus Place, Bromley have already fielded plenty of enquiry ahead of the auction scheduled for Thursday 29th February.

Occupied by long-established industrial equipment fabricator Taylors Manufacturing, a member of the Vortex Engineering group of companies, this substantial 3,445sqm industrial facility sits on more than 7,360sqm of Industrial-Heavy land within a cul-de-sac.

The warehouse has a stud height of up to 9.3 metres with two lower-stud attached workshops, the generous office/amenity areas were recently refurbished, and the large secure yard has multiple entry points for efficiencies plus ample onsite parking.

The property returns approximately $170,000 per annum, with the current lease to Taylors Manufacturing Limited having around five years to run. The lease has scheduled rent reviews to market, and a further two, five-year rights of renewal to be exercised.

Bayleys Christchurch brokers Nick O’Styke and Terry Connolly said with an Auckland-based vendor looking to realign his investment portfolio, opportunity exists for a new owner to significantly add-value to this versatile asset and pursue opportunity to improve revenue.

“Industrial property in Bromley always hits the investor sweet spot and it’s not often that large offerings like this become available,” said O’Styke.

“When taking stock of the wider market, the recently-appraised market rental value is significantly above the passing income being achieved here today, so there’s strong rental growth potential for the new owner in coming years.

“Additionally, while the warehouse component of the property has been assessed at 67% of current new building standard, further gains could be made to the value of the property by strengthening the office and amenity areas.”

Securing a freehold 7,360sqm landholding anywhere in the region is no easy feat, let alone with a heavy industrial zoning overlay, said O’Styke adding that the scale of the subject property further future-proofs the value of the offering.

“Heavy industry-zoned property is always sought-after by the manufacturing sector and other industrial occupiers given the nature and scale of activities provided for,” he said.

“Bromley remains popular with such businesses as it’s close to main arterial routes such as Maces Road and State Highway 74 and 76 connecting the eastern suburbs with north and west Christchurch and providing efficient access to the Port of Lyttelton and the Southern Motorway.

“Hence the area boasts a mixture of manufacturing, steel, timber, fish processing, storage and motor vehicle dismantling business uses, well-supported by retail, hospitality, office and other industrial activity in the Portlink Industrial Park five minutes down the road.”

Click here for more information on the listing.

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