With very little vacancy across Christchurch’s industrial property stock, a freehold and vacant large-scale offering in the preferred Bromley precinct will hit the right note with owner-occupiers and add-value investors.

The underutilised Industrial Heavy-zoned 6,674sqm site at 181 Maces Road, Bromley, supports a warehouse, factory and office building with 2,780sqm lettable floor area and eight off-street car parks.

The 1,787sqm factory is bolstered by 818sqm of warehousing, a total 163.5sqm of office accommodation across two levels and a small mezzanine component. Windows along the east and west walls of the building provide substantial natural light.

The building has a seismic rating of 50-percent new building standard and an assessed annual net rental of $268,243.

To the rear of the site, a sizeable and regularly-shaped bare block of land – accessible from the property’s main driveway/yard and currently providing formed turnaround area for large vehicles – could be further developed.

The property will be auctioned on 6th March, unless sold prior, and is being marketed by Terry Connolly of Bayleys Christchurch. He says the retiring vendor formerly operated the business, Cressey Furniture, from the site and is selling the property to release some capital. The most recent occupier, curtain manufacturer WECO, recently vacated the site when its lease expired.

“This property is an opportunity waiting to happen,” says Connolly. “Landholdings of this scale are hard to find in Christchurch more generally and rare in Bromley.

“As it’s being sold vacant and is in good condition, an owner-occupier could move in and start business pretty much straight away, then develop the bare land to the rear if required for expansion or diversification.

“Equally, an add-value investor will recognise the potential of the site given Christchurch’s tight industrial fundamentals and the connectivity advantages that Bromley has.

“When viewing the aerial photographs of the property and its surrounds, this is the only patch of developable green grass and it is compelling to see it in that context.”

With interest rates decreasing and construction costs coming back from market highs, Connolly says the development sector is expected to rebound and prospective buyers will definitely see value in the close-to 2,000sqm grassed area behind the site’s existing improvements.

“Whether it’s developed as an adjunct to business operations at the front of the property, or a distinctly separate proposition, there is scope to significantly increase coverage and this would enhance the value for owner-occupiers and investors.

“The vendor is realistic, with the property now surplus to requirement, and early interest on the property has been encouraging.”

The large neighbouring site which for many years was a busy auto-dismantler’s yard, is now home to an international freight container business which Connolly says speaks to the locational kudos of the subject property.

“Streamlined access to the Lyttleton Port via Port Hills Road makes the Maces Road property appealing for those needing to freight goods, while access to the city is convenient both north and south, via the Brougham Street expressway and the Northern Ring Road 74.”