A large site for sale in Christchurch’s Hornby industrial precinct has been tagged as one of the biggest development opportunities seen in the South Island in recent years.
The more than five-hectare property with multiple existing buildings is currently fully leased to international tenant Terra Industrial, New Zealand's dealer of Caterpillar equipment, providing a steady income stream for the next 18 months.
A pending resource consent would allow new owners to redevelop the site with 274 residential lots and 80 lock up-style commercial units.
Alternatively, a buyer could continue leasing the site to industrial tenants and maximise future income by putting new buildings on excess land and yard areas and potentially reconfiguring with multiple tenancies.
“This is the largest single development site currently available in Christchurch, and one of the most significant development opportunities seen anywhere in the South Island for some years,” said Ryan Kerr of Bayleys Real Estate.
“The flexible lease arrangement, with a remaining term of around 18 months, allows potential buyers time to plan and strategize for the site’s array of possibilities.
“Given the impressive scale of the property, and associated possibilities including a change of use, national and international interest is assured from buyers seeking an outstanding add-value investment or a large property ripe for redevelopment,” said Kerr.
The freehold land and buildings at 22 and 24 Amyes Road and 16 Branston Street, Hornby, Christchurch, are being offered for sale by negotiation through Kerr and colleagues Sam Stone and William Wallace of Bayleys Christchurch.
The multiple existing buildings with a combined floor area of some 12,800 square metres sit on a landholding of approximately 51,508 square metres.
Stone said the site was zoned Industrial General under the Christchurch District Plan with change of use for the proposed residential/commercial redevelopment subject to the pending planning approval.
“Christchurch City Council is expected to approve the resource consent within a few weeks. This would pave the way for substantial growth and diversification of the site’s potential, with a great deal of the hard work and considerable cost of seeking planning approval already taken care of by the existing owners,” Stone said.
The consent application, including renders of the proposed project, along with an engineering report, are available to buyers on request.
Bayleys South Island Commercial and Industrial General Manager William Wallace said the versatile property presented options for a partial redevelopment or a site-wide project utilising the full extent of the residential/commercial consent applied for.
“Regardless of the future options pursued by new owners, this site will continue to benefit greatly from its exceptional location close to the vibrant Hornby Town Centre, which includes the bustling Hornby Hub and the Hornby Mega Centre.
“A strategic position near State Highway 1 and State Highway 76, as well as major arterial routes, makes this an ideal hub for businesses and residents alike,” said Wallace.