The land and buildings which dually house the Christchurch offices of SKY Television alongside one of New Zealand’s biggest community services organisations have been placed on the market for sale.
Along with SKY Television, the property at 12 - 14 Birmingham Drive in Middleton also houses Idea Services – the entity which supports adults with intellectual disabilities to live in their own homes and be part of their local communities.
The 5,771 square metres of commercially-zoned land and approximately 2,694 square metres of commercial space is being marketed for sale through Bayleys Canterbury, with offers being taken up until June 30.
The property generates a combined rental revenue of $545,495 per annum, with the tenancy schedule consisting of:
• SKY Television on an eight year lease running through until 2022 with two further six-year rights of renewal paying $342,830 per annum
• Idea Services on a six year lease running through until 2021 with two further three-year rights of renewal paying $202,665 per annum.
Bayleys Canterbury salespeople Stewart White, Chris Frank and Alex White said the property came with 60 car parks, and was a high profile site with a wide street frontage.
“With a mix of warehousing and office space, the property works extremely well for SKY Television as New Zealand’s largest satellite television provider, while Idea Services enjoys their office area with separate entrance – making them completely independent of the other tenant,” the trio said.
The Birmingham Drive premises are Idea Services’ southern regional headquarters.