Boutique retail village goes on the market on Christchurch’s northern edge
| 29 April 2019
Opportunity comes up in one of New Zealand’s fastest growing regions
A recently completed and fully occupied shopping centre with opportunities for future development is for sale in the rapidly growing Waimakairiri District.
The Mandeville Village sits on a 6,670sqm site in Mandeville with 102 metres of frontage onto Tram Road which has vehicles movements in excess of 6,000 per day.
Completed in 2018 the village consists of two single storey buildings with gable roofs indicative of Scandinavian architecture sympathetic to the surrounding rural residential environment.
The site has a total net lettable area of approx. 1,815sqm with a tenant mix that includes a SuperValue, petrol station, early childhood learning centre, a beautician, restaurants and cafes with key anchor tenants on 15- and 20-year leases.
In addition to 55 existing carparks, the site also includes a large underlying commercially zoned land holding of 6,670 sqm including 410sqm for future expansion.
The freehold offering is being taken to the market by CBRE via a Deadline Private Treaty campaign closing on Thursday 23 May 2019 at 4:00pm NZST (unless sold prior).
Managing Director for CBRE in Christchurch, Tim Rookes, says the superbly located village will be a stable and solid investment.
“Situated in the growing Mandeville catchment, the village has an enviable tenant mix including SuperValue, Nelson Petrol Distributors and Sweetpea Childcare – the Village provides a hub for super convenience for the growing community.
“From an investment standpoint it is underpinned by excellent cashflow security with a Weighted Average Lease Term of circa 11.75 years. Additionally, guaranteed rental growth ranging from between 1% - 3% p.a. will provide confidence for excellent returns in the years to come.”
Located less than 30 minutes’ drive from Christchurch, the Waimakarari District has experienced a large amount of development in recent years with large scale conversions from rural to residential lifestyle properties.
With the new Northern Arterial, Western Bypass motorway projects, and Waimakariri Bridge expansion significantly reducing travel times to and from the city and major towns, the district is projected to grow by 60% between 2013 and 2043 at an average annual growth rate of 1.6% - the third highest in New Zealand over this period.
Approximately 15,000 new houses for the Waimakariri could be required to meet population growth by 2048.
Rookes says against this backdrop the quality designed Mandeville Village will be serviced well by the strong local demand for convenience retail both now and into the future.
“The village catchment is expected to capture spend of $46.94m by 2031, further supported by continued growth in vehicle movements. To service that, Mandeville Village includes a stage 2 opportunity of 410sqm with potential uses including as a gym, medical uses, hardware, rural and garden supplies, recreational goods and real estate agent offices or similar service offerings.
“As a stand-along offering Mandeville Village has all the hallmarks for an excellent investment, combine that with the growth story of the Waimakariri District and it’s easy to see why we’re expecting significant interest in this opportunity.”
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ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.