Tenanted Warehouse At Sydenham, Christchurch, NZ, Sold For 8.6% Yield

Tenanted Warehouse/Office at Sydenham Sold for 8.6% Yield

A warehouse/office storage complex with a long term international company tenant at Sydenham in Christchurch’s south has been sold by Ray White Commercial Christchurch for $732,000.

The property at 15 Kingsley Street, Sydenham, was sold to a local Christchurch investor by Ray White Commercial Christchurch Commercial salesperson Paula Raine.

Paula Raine said the warehouse is occupied by award-winning international campervan hire company Escape Rentals, which recently extended its lease on the property.

“This complex attracted solid interest as the tenant has recently renewed their lease for a further five years and the property is returning $62,977 per annum,” she said.

“We received 29 good genuine enquiries and four offers during the five-week marketing campaign before the complex was purchased by a Christchurch-based based investor,” she said.

“The sale price of $732,000 represents a passing yield of approximately 8.6 per cent.”

Paula Raine said the warehouse facility is in a popular location in Sydenham and offered a building area of approximately 790 sqm, which is accessed by four electric roller doors.

“The property is handy to the Southern Motorway and therefore offers easy access to and from the Christchurch CBD,” she said.