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Investors tool up as ITM store in top industrial park goes under the hammer

The A-grade warehouse premises housing a leading provider of building supplies have gone up for sale in New Zealand’s largest industrial business park.

The more than 5,100-square-metre site enjoys exceptional corner profile in the Izone Business Hub in Rolleston.

Boasting an 80-metre frontage to busy Hoskyns Road, the property has for six years been home to a Probuild ITM store. The company has just renewed its lease for a new three-year term effective from 20 December – with five further three-year rights of renewal available which, if taken up, would take final expiry to December 2041.

From a handful of stores in 1993, ITM has grown to become New Zealand's largest independent building supply network. It is now a co-operative of over 90 stores and 26 frame-and-truss facilities, from which it services customers across the country.

Its Rolleston premises will return a new owner an annual net rent of $200,000 plus outgoings and GST, with built-in three-yearly market rent reviews effective from 20 December 2023.

The freehold land and building at 2 Stoneleigh Drive, Rolleston, are being marketed for sale by Nick O’Styke and Anna Morawiec of Bayleys Christchurch.

The property will go under the hammer at an auction on Thursday 16 November, unless it is sold prior.

The approximately 1,295-square-metre building sits on some 5,104 square metres of land at the corner of Stoneleigh Drive and Hoskyns Road. The site is zoned Business 2A by Selwyn District Council and features some 2,000 square metres of surplus yard.

“This is a rare opportunity to secure a quality, low-maintenance investment property with excellent profile and a first-rate tenant in one of the country’s most sought-after industrial locations,” said O’Styke.

“Constructed in 2017 to 100 percent of new building standard, the property has been expertly designed, featuring a modern clear-span warehouse of over 5,150 square metres with five container-height roller doors, plus a modern showroom and office and two separate staff amenities.”

The design allows for two separate tenancies in the future if required, O’Styke said.

“The secure site is fully fenced and has three access points to Stoneleigh Drive, Hoskyns Road and John Morten Place, further adding to its versatility. Located on a prominent corner, the property offers an excellent profile within the Izone business park,” said O’Styke.

Morawiec said a low 25 percent site coverage would give buyers confidence the property will be in demand for years to come, also allowing for further development and add-value options in the future.

“Strategically positioned in the heart of industrial Rolleston, the property offers excellent links to major transport routes, including State Highway 1.

“Rolleston has been one of the fastest growing townships in New Zealand for good reason. Great amenity, affordability and excellent land conditions make it a very attractive place to live and work,” said Morawiec.

Developed in stages, Izone was an industrial hub that had proven hugely popular with tenants and owner-occupiers.

“Heavyweight occupiers such as PGG Wrightson, Drummond and Etheridge, Westland Milk, Pegasus Engineering and Portside Logistics are the mark of this business park’s success,” said Morawiec.

O’Styke added: “Freehold opportunities here are quickly becoming scarce, a testament to both the excellent ground conditions and proximity to rail sidings, the highway network and two large inland ports.”

Click here for more information on the listing.

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