Positioned in the coveted Wigram industrial precinct, the more than 2,700-square metre site for sale is leased to an engineering firm until March 2023, returning a net rental income of $199,040 plus outgoings and GST per annum. It will then be available with vacant possession.

“Vacant premises of this quality in a prime industrial location are extremely scarce,” said Bayleys Canterbury salesperson Nick O’Styke.

“With the lease not being renewed, the opportunity is there for a buyer’s business, or their tenant’s business, to take possession of a prized industrial building within a much shorter time, and at a fraction of the cost, compared with a new build.

“The chance to be in there and operating in a robust, proven facility in Christchurch’s premiere industrial location, within a matter of months, is a rarity – if not sheer fantasy – in a tight industrial property market.”

The freehold property at 17-19 Kilronan Place, Wigram, Christchurch, is being marketed for sale by O’Styke and Bayleys Canterbury colleague Anna Morawiec.

Sale is by deadline private treaty closing on Wednesday 30 November.

O’Styke said the approximately 2,027-square metre building sat on a fee simple site of some 2,738 square metres with 19 car parks.

The building has been seismically strengthened to 67 percent of new building standard.

“Constructed in the 2000s, these robust and hard-working industrial premises combine a conventional warehouse facility with two levels of offices and amenities which have just been fully upgraded.

“The more than 1,800-square metre warehouse is constructed primarily with concrete tilt slab, steel portal frame and a concrete slab floor and foundations.

“With an 8.5 metre-plus stud height and convenient movement of goods in and out of the building via three roller doors, this is an operationally functional and versatile space that will appeal to a wide range of business users,” said O’Styke.

Morawiec said the warehouse was also capable of accommodating gantry cranes, adding to its appeal for the likes of warehousing, manufacturing, automotive or engineering activities.

The existing tenant has used it as a base for its activities as a specialist manufacturer and supplier of fuel tanks.

“The Kilronan Place site is part of Wigram’s Industrial Heavy zone under Christchurch’s district plan. It is surrounded by diverse businesses in fields such as transport, storage, waste management, automotive services, and home and building supplies.

“Sitting about six kilometres west of the Christchurch CBD, the Wigram industrial hub is very well regarded. It is home to numerous good-quality, modern industrial properties with associated offices and showroom space.

“Businesses based here have easy access to State Highway 1, Main South Road and Christchurch International Airport.

“It’s thanks to these advantages that Wigram is the distribution warehouse locality of choice for many national and international businesses,” Morawiec said.

Industrial properties in Wigram have recently sold at yields of between five percent and seven percent.

Click here for more information on the listing.