Hornby Warehouse Complex Sold for $3 Million
A tenanted warehouse complex in a popular Hornby location south-west of Christchurch has been sold by Ray White Commercial Christchurch for $3 million.
The property at 625 Halswell Junction Road, Hornby, was sold to a South Island investor by Ray White Commercial Christchurch Commercial Salesperson Paula Raine on behalf of a Balclutha based syndicate.
Paula Raine said: “The facility has multiple tenants and was returning rental income of approximately $325,000 net per annum.
“The complex attracted considerable interest and reflects the current strength of the investor market.
“We received a number of genuine enquiries during the marketing campaign before the complex was purchased by a South Island-based investor.
“The various tenancies in the property had flexible leasing terms so there was a good spread of risk for prospective investors.”
Paula Raine said the complex consists of seven warehouses ranging in size from approximately 540 sqm to 1,004 sqm, giving a total building area of approximately 5,338 sqm.
“The facility is underpinned by a substantial land area of approximately 8,192 sqm,” she said.
“Most of the warehouses have dual access providing drive through capabilities.
“The site in this popular Hornby location fronts a busy road which leads onto the new Southern Motorway.”