Offer Open date: 23 November 2015
Manager: Centuria NZ (formerly known as Augusta Funds Management Limited)
146 Shands Road, Hornby, Christchurch is Progressive Enterprise’s only South Island distribution centre. This substantial industrial property was originally built in 2000 with significant alterations undertaken in 2012. It occupies a prominent corner location in the well regarded industrial suburb of Hornby. The property has a 20 year lease from the 30 August 2004, plus 3 rights of renewal of 10 years each, providing a final expiry of 29 August 2054.
The offer comprised of 503 units of $50,000 each, with the vendor subscribing for 120 units, leaving 383 available for investment. The projected cash return was 8% per annum for the first full year ending 31 March 2017. The Shands Road opportunity closed significantly oversubscribed.