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Versatile Wigram industrial unit offers dual benefits to occupiers and investors

The property on Parkhouse Road, Wigram, is configured with two separate self-contained spaces, each with warehouse, office and retail accommodation.

An approximately 275-square metre area is leased to an international engineering business, generating an annual net rental return of $45,000 plus outgoings and GST.

The other approximately 260-square metre space will be available with vacant possession on settlement.

The property at 11E Parkhouse Road, Wigram, Christchurch, is being offered for sale by Benji Andrews and Simon Lagan of Bayleys Christchurch.

It will be sold by way of deadline private treaty closing on Thursday 18th May.

Andrews said the property consisted of a freehold strata-titled industrial unit with a total floor area of some 535 square metres and seven car parks.

The unit is split into two spaces with separate metering and power.

“The slightly larger area features an approximately 175-square metre warehouse. This is supplemented with some 51-square metres of retail, office and amenities on the ground floor, another 49-square metres of level-one offices, and three car parks.

“This has been occupied since 2012 by Norgren Limited, an international leader in motion and fluid control technologies for the likes of commercial vehicles and rail networks, and sectors such as energy, healthcare and food and beverage,” Andrews said.

The current lease runs through to 2024, with two further six-year rights of renewal, and incorporates market rent reviews every two years.

The adjoining vacant area incorporates a warehouse of some 160 square metres. It also contains some 100 square metres of retail, office and amenity spaces over two floors, along with four car parks.

“With electric roller doors, and LED lighting throughout the warehouses, plus very tidy offices and amenities, this property would suit either an owner-occupier who could also treat the site as an investment, or attract a new tenant for the vacant space,” said Andrews.

The building has an Initial Evaluation Procedure seismic rating of 86 percent of new building standard.

Lagan said the Parkhouse Road site was part of Wigram’s Industrial Heavy zone under Christchurch’s district plan.

“The property is surrounded by diverse businesses in fields such as storage, transport, automotive services, home and building supplies, and waste management.

“Sitting about six kilometres west of Christchurch’s central business district, the Wigram industrial precinct is home to many modern, high-quality industrial premises with associated offices and showroom space.

“A base here provides businesses with convenient access to Main South Road/State Highway 1, the CBD and Christchurch International Airport.

“These advantages have helped to ensure Wigram has a reputation as the distribution warehouse location of choice for many national and international businesses,” Lagan said.

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