Christchurch, 22 September 2014 – 85 Shands Road, Hornby, part of the Glassworks development estate, has been sold to an undisclosed private Christchurch investment company. The sale, conducted privately on behalf of Goodman Property Trust, was brokered by Mark Macauley, Managing Director of CBRE Christchurch.
CBRE introduced the buyer and finalised the sale at $16.37 million. The property makes up one of several properties that Goodman Property Trust is currently selling in Hornby.
Carter Holt Harvey currently occupies a long term lease on the site, which includes significant road frontage onto Shands Road and covers approximately 43,000sqm of industrial land. Mark Macauley says, “The property represents a solid long term investment to a quality tenant with a large land holding in an area of the city which continues to grow.”
Major roading upgrades have been undertaken within this area, as well as new facilities being built for MOVE Logistics, DHL and Bridgestone. Tenants within the Glassworks development also include Fisher & Paykel Appliances, NZ Safety, Big Chill Distribution and Placemakers.
The sale is consistent with the Goodman Property Trust strategy of recycling assets to fund the development opportunity that exists.
Goodman (NZ) Limited’s Chief Executive Officer, John Dakin said, “Ongoing leasing success and high levels of customer enquiry continue to drive our development programme. To meet this demand and facilitate future growth, we are commencing new development for existing and new customers.”
The sale of 85 Shands Road cements a strong year from the CBRE Christchurch team. This includes the sales of 88-98 Moorhouse Avenue, Snap House, 351 Lincoln Road, Chorus House, ABnote, 25 Halwyn Drive, 88 Worcester Street, 32 Oxford Terrace and 383 Colombo Street, which continues to show that the Christchurch market is strong. The team was also involved in the sale of 66 Wyndham Street, Auckland.
About CBRE
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
