A large portfolio of land in two separate tranches adjacent to The Palms shopping centre in Shirley, Christchurch, is being marketed for sale by CBRE.
The portfolio, which contains 31 residential sections spread across over 2.5 hectares of land area, is being offered for sale by deadline private treaty closing on Wednesday April 13 at 4pm.
Tim Rookes, managing director of CBRE’s Christchurch office, says the portfolio, which is made up of a mix of existing tenanted dwellings and bare land, presents a unique opportunity for investors.
“The chance to acquire a large land holding in a well-established suburb next to a bustling commercial hub does not come up very often. This is a highly popular suburban location benefiting from the nearby retail at The Palms, resulting in high demand from tenants for these properties.”
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The properties demonstrate an excellent history of occupation, with many longstanding tenants who enjoy the convenient, high-amenity location close to public transport and retail, just five kilometres from the Christchurch central business district.
Currently, only one of the homes is vacant, with the remainder of the portfolio fully tenanted, generating around $525,000 in annual rental income, Rookes says.
“The leases across the portfolio have been proactively managed as a residential investment and continue to be so, creating an attractive package for investors seeking exposure to a popular asset class which continues to display favourable demand trends.”
The portfolio is being offered to the market following the sale of The Palms Shopping Centre late last year, in a deal negotiated by CBRE.
Originally acquired by the former owner of The Palms as potential retail/commercial expansion land, the portfolio was not included in the sale of the shopping centre and is now for sale separately.
The larger of the two tranches comprises 24 properties, situated on the northern side of The Palms shopping centre. It includes approximately 18,000 sqm of land, extending from Marshland Road to the west and Golf Links Road to the east.
These properties, with the exception of 61 Golf Links Road, sit on Commercial Core-zoned land as part of the original plans to expand the shopping centre.
The smaller tranche comprises six Residential Medium Density (RMD)-zoned sections on Golf Links Road, directly across the road from The Palms, spread across around 7,500 sqm of land. The RMD zone provides for the development of townhouses, terraced housing and apartment buildings.
The existing houses on the properties vary in age, from the 1930s to the 1990s. The average section size is 905 sqm and the sections are predominantly single-dwelling sites.
Located roughly mid-way between the central city and New Brighton Beach, the suburb of Shirley is home to one of the largest shopping malls in Christchurch, which also includes a Reading Cinema complex.
Christchurch Golf Club is located across the road, with the properties also close to multiple other recreational amenities including Burwood Park and Horseshoe Lake Reserve. Local schools include Shirley Intermediate, Shirley Primary, Mairehau High, Shirley Boys’ High and Avonside Girls’ High. Further retail provision in the local catchment area includes the Homebase large-format centre, 1.5 kilometres to the north.
- Article supplied by CBRE
