Anglican Centre premises for sale could be answer to investors’ prayers
The land and building housing one of New Zealand’s largest church organisations and a leading food quality and biosecurity provider have been placed on the market for sale. The modern, two-storey office complex at 10 Logistics Drive, in the Christchurch suburb of Harewood, is located 12 kilometres from the city centre and minutes from the airport. It is fully leased to the Anglican Diocese of Christchurch and state-owned enterprise AsureQuality Limited, generating total net rental income of $497,068 plus outgoings and GST per annum.Some 966 square metres on the first floor is leased to the Anglican Diocese of Christchurch. Known as the Anglican Centre, it houses the diocese administration, as well as the church property trust and Anglican Care, which oversees a wide range of social service activities including the Christchurch City Mission.
The church’s tenancy, which also includes 40 dedicated car parks, generates annual rental income of $312,068 plus outgoings and GST. Its lease runs through to 2021, with a further six-year right of renewal, and incorporates annual rent reviews to CPI plus three-yearly market reviews.
AsureQuality pays annual rent of $185,000 plus insurance outgoings and GST for 950 square metres of ground-floor office space plus 40 car parks. Its lease runs through to 2021, with a further one-year right of renewal.
Fully-owned by the Government, AsureQuality is a world-class provider of food safety and biosecurity services to the food and primary production sectors worldwide. The company has 1,700 staff based in 100 locations throughout Australasia and South East Asia. The property at 10 Logistics Drive is now being marketed for sale by way of a deadline sale closing on 3 December (unless sold prior) through Bayleys Canterbury.
Salespeople Stewart White and Alex White said the premises consisted of a building with a total floor area of approximately 2,000 square metres over two floors on some 5,019 square metres of leasehold land. The site supports 86 off-street car parks. “Originally purpose-built as the national head office for Stonewood Homes, the development comprises a modern, architecturally designed two-storey office building,” said Stewart White.
“The post-earthquake construction was completed in 2014, with an Initial Evaluation Procedure rating of 100 percent of new building standard. High-quality fit out and an abundance of natural light throughout ensure an enjoyable working environment for tenants and their staff,” he said.
The complex is centrally located on the site and flanked on either side by a sealed and landscaped area incorporating the car parks. “The land has a perpetually-renewable ground lease to Canterbury Regional Council subject to review at five-yearly intervals. However, unlike some leasehold titles, the council owns only the bare, unimproved land on a standalone title. This means the ground rental is more affordable and the title more favourable than typical leasehold titles,” said Mr White. Alex White said the property had dual street exposure to Logistics Drive and busy Johns Road.
“This site has impressive street appeal and enormous profile, with thousands of cars passing daily on the four-lane Johns Road which doubles as State Highway 1. This presents potentially lucrative opportunities for branding and naming rights.
“This location provides easy access to the main arterial network, with Harewood being a major transport hub for Christchurch and the South Island. The property for sale is minutes from Christchurch International Airport, along with its growing ranks of supporting services and amenities such as freight and transportation businesses,” said Mr White.
Christchurch airport is the second-busiest in New Zealand, bringing approximately seven million passengers through Harewood in 2019.
The property at 10 Logistics Drive is zoned Industrial Heavy under Christchurch’s district plan, with significant suburban residential areas extending to the east of Johns Road.”This property will be of interest to owner-occupiers or investors who are ready to unlock the full potential of a high-quality office complex in a well-connected, prime location,” said Mr White.