Property for Industry Ltd has sold its 127 Waterloo Rd industrial property in Hornby, Christchurch.
With the lease to DHL expiring next March, PFI took the property to market through Colliers International for lease or sale, and an agreement has been reached to sell it to an owner-occupier for a gross $4.41 million. The property was valued last December at $4.35 million.
The sale campaign, by deadline private treaty, only closed last Wednesday.
PFI chief executive Simon Woodhams said the company would recycle the sale funds into its value-add strategies within the existing portfolio.
The 2746m² high stud warehouse has a 17m² office, apart from the main 217m² of office, and the site covers 6500m². The property has 32 parking spaces.
The building was earthquake strengthened in 2018 to a minimum 67% of new building standard and, in 2019, all the warehouse lighting was upgraded to LED and all the translucent roof sheets replaced.
DHL is moving out in March and the new owner is expected to settle in April. Holding income through that period is $352,045 + gst.
Attribution: Company release.