Award-winning Christchurch office-retail complex for sale
Award-winning Christchurch office-retail complex for sale
23 February 2016
Modern, seismically sound and well-leased investment in popular Addington
Christchurch, 22 February 2016 – An award-winning, premium office and retail complex in one of the most desirable and rapidly growing commercial precincts in Christchurch has come up for sale at 335 Lincoln Road, Addington.
Marketed by exclusive agents Tim Rookes, Merv Davies and Paul Brown of CBRE Christchurch on behalf of vendor Cadaques Investments Limited, the freehold property is available for purchase via a Deadline Private Treaty campaign.
Offers are sought no later than 4pm on 1 April 2016.
The 335 Lincoln Road campus occupies a large, high profile 5,278sqm freehold corner site in the heart of the Addington commercial precinct. It has a 100 metre frontage to Lincoln Road, a main arterial road in and out of Christchurch City.
Designed by noted architects Jasmax and completed in 2013, the complex comprises three separate structures: two three-level office buildings plus a carpark building consisting of basement parking plus three levels above ground offering 184 on-site car parks.
Constructed using the latest engineering technology, the facility has a seismic rating of 100% NBS for an “importance level 2” building, and has won numerous design and property awards thanks in part to the Eccentrically Braced Frames that have resulted in a building with a much longer economic life. Recognition includes winning the Commercial Architecture award at the NZIA Architecture Awards 2015, Award of Merit in Recognition of an Outstanding Project at the Engineering Excellence Awards 2014, and Award of Merit for Commercial Office Property at the Property Council New Zealand Awards 2014.
Tim Rookes, Managing Director of CBRE Christchurch, says: “This is an outstanding opportunity to invest in a modern, stylish complex in an exciting part of Christchurch and to capitalise on the growth of the city. The vision for the development was to create a highly desirable office and mixed-use precinct that will look as fresh and desirable in 20 years as it did on its opening day.”
The campus has a total net lettable area of 5,379sqm. With an occupancy level of 94.8%, generating an annual net passing income of NZD $2,099,374+GST, the property has a diversified income stream thanks to its 12 strong tenants and a Weighted Average Lease Term of six years, says Merv Davies.
“A major feature of this property is the diverse nature of the income sources from a range of tenants, combined with the large amount of on-site car parking. The leases contain a mix of rent review mechanisms including annual CPI, annual fixed, two and three-yearly review cycles and varied renewal options.
“Ground floor operators include well-known Christchurch hospitality operators including Maki Mono sushi restaurant and Town Tonic cafe/restaurant, along with MediaWorks, New Zealand’s largest independent broadcaster - owner of TV3, Four and 18 radio brands. Office tenants include Randstad, international accountancy firm Moore Stephens Markhams, engineers Batchelar McDougall Consulting, Rothbury Insurance and Audit New Zealand. The tenure of the leases is strong as are the tenant covenants.”
Davies adds that the size and dimensions of the site has allowed for a unique campus environment to be created. “This results in very tenant-friendly working conditions and usable outdoor spaces. In addition, this property has been designed to ensure minimal expenditure is required to maintain the property as highly desirable office accommodation at the 2nd and 3rd leasing cycles of the investment.
“All of the services to the floors have been duplicated so that in the event that any floors are subdivided into two tenancies, each tenancy will be separately metered and have control of their own air conditioning etc. All plumbing and extraction systems have been duplicated to allow for two food operators to be housed side by side if necessary. The size of the land and placement of the building provides the new owner with the option to subdivide the buildings onto separate titles in the future.
335 Lincoln Road is situated within Christchurch’s latest high profile business hub, Addington. Paul Brown says that the design of the property took full advantage of the location by placing the office/ retail building hard onto Lincoln Road with car parking at the rear.
“This results in the buildings maximising their street appeal and the tenants maximising their brand awareness as an estimated 23,000 cars pass by this property every day.
“In addition, the location provides a vibrant and thriving environment for tenants who enjoy a number of new high quality buildings and facilities in the area. Along with close proximity to the central city the Addington area, tenants enjoy proximity to a range of cafes, bars and restaurants along with easy access to Hagley Park, the CBD, AMI Stadium, Addington Raceway and Christchurch’s premiere entertainment venue, Horncastle Arena.
“As an area, Addington has had considerable growth over recent years and has a wide mix of retail and office buildings which has cemented the area as a popular destination.”
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