16 St Asaph Street and 66 Stewart Street, Christchurch Central, Christchurch

Tenanted investment - blue chip medical occupiers

Bayleys are proud to present the combined offering of 16 St Asaph Street and 66 Stewart Street, Christchurch Central , to the market for sale.
The offering presents a rare opportunity to acquire a fully occupied investment to two blue chip medical based tenants on long lease terms in a prime central city location.
The property is strategically situated amongst key central city precincts and developments including the newly redeveloped Christchurch Hospital and Metro Sports Stadium (under construction). Additionally, the asset is located nearby the CBD's health precinct which comprises key projects such as the Manawa Campus, Canterbury District Health Board's office headquarters and the Otago University School of Medicine campus. The combined value of these projects/developments is estimated to between $1bn - $2bn and all located within 50-200 metres of this offering.
High quality tenant covenant is afforded to both occupiers namely Canterbury District Health Board (CDHB) and the New Zealand Brain Research Institute (NZBR). The CDHB government tenant covenant combined with a health sector research organisation in NZBRI provides outstanding security of cashflow for investors. Long term leases to these high quality tenants provide a combined weighted average lease term (WALT) of c .5.5 years.
Key investment highlights
• Strong weighted average lease term
• Anchored by long term lease to Canterbury District Health Board - seven years
• Strategic CBD location nearby hospital and health precinct
• Blue chip medical industry occupiers
• High profile corner site
• Net rental: c. $366,000pa

For more on this property, click the following link: https://youtu.be/HbdRqY5DpzE

For further information, please contact the joint sole agent.