57 Lunns Road, Middleton, Christchurch

Premium Passive Land Bank

Deadline Sale
All offers on or before 4pm Thurs 5 Dec 2013
3 Deans Avenue, Riccarton, Christchurch

- Premium passive investment
- Two long leases with annual CPI rent reviews
- Prime location, 2,9253sqm site with wide frontage onto Curletts Road

The prime attraction of this property is the address; 57 Lunns Road is a high profile and substantial parcel of Business 5 land located in sought after Middleton. The property boasts a wide street presence onto Curletts Road and allows ease of access for traffic movements onto both ends of Lunns Road given by two controlled intersections.

In total the land area is 29,253m2. Tenants improvements include a modern and well furnished office building of approximately 250m2 and fully fenced secure yard areas. The road leading to Parkhouse Garden Supplies is formed and drained. On Parkhouse Garden Supplies tenancy the tenant has at their own cost spent a significant sum of capital forming the hard stand for the new retail yard.

The property is fully tenanted and is returning $669,570 per annum plus GST and outgoings.

Tenancy Details

TR Group Limited
Term of Lease: 10 years
Commencement Date: 1 February 2014
Review Date: CPI increase annually to market five (5) yearly
Rights of Renewal: To be confirmed
Net Rental: $504,570.00

Parkhouse Garden Supplies
Term of Lease: 18 years
Commencement Date: 1 July 2013
Review Date: CPI increases annually to market five (5) yearly
Rights of Renewal: Three (3) of five (5) years
Net Rental: $165,000.00