A fully tenanted industrial property southeast of the Christchurch CBD is being marketed as an “as-is, where-is” opportunity, offering investors, developers, and owner-occupiers the rare chance to secure immediate holding income while unlocking substantial long-term value, brokers say.

Bayleys Canterbury industrial sales and leasing specialist Benji Andrews is marketing the 5,673sqm (more or less) freehold site at 10 Garlands Road for sale by deadline, closing at 4:00 pm on Thursday, 7th August 2025 (unless sold prior), in conjunction with CBRE’s Jeremy Brown.

Andrews says the property combines strong income fundamentals with zoning flexibility and redevelopment potential – a compelling proposition for those seeking to balance present-day returns with future upside.

“Comprising a net lettable area of approximately 2,456sqm across four buildings and seven units, the property returns circa $290,000 net pa plus GST and outgoings from a diverse tenant mix with staggered lease expiries and established rental terms.”

“Improvements are configured as warehouse and office tenancies ranging from approximately 60sqm to more than 750sqm, providing scale, access, and utility with wide-ranging occupier appeal.”

Andrews says the offering is presented on an “as-is, where-is” basis, allowing purchasers the ability to unlock further value through refurbishment, repositioning, or staged redevelopment, supported by secure cash flow in the interim.

Tenants include a mix of established operators, including a local engineering firm, a design business, specialised bike retailer, and an artisan bakery, with leases ranging from short-term arrangements to longer commitments through to 2036. Most agreements feature CPI-linked rent reviews offering a hedge against inflation and built-in rental uplift.

Andrews says the site benefits from a central position within Woolston, an established industrial and commercial hub just 4.5km southeast of Christchurch’s CBD.

“Woolston features evolving industrial fundamentals, proximity to major arterial routes, State Highways 74 and 76, and an increasingly diverse business base. It’s also a suburb seeing positive ripple effects from ongoing urban intensification and infrastructure improvements across the eastern corridor.”

“Industrial General zoning categorisation provides further upside for purchasers seeking long-term flexibility, with the ability to accommodate a broad range of light industrial and compatible commercial activities, while also acting as a transitional buffer between heavier industrial and residential uses.”

Andrews says Woolston continues to attract industrial operators, buoyed by demand for well-located premises and growing interest from businesses seeking more affordable proximity to the central city.

“Recent investment in infrastructure and urban regeneration projects, including upgrades to surrounding arterial roads and the revitalisation of nearby commercial hubs, has further strengthened this appeal.

“Anchored by amenities such as the Woolston Tannery – a historic building transformed into a boutique shopping and dining destination – and an expanding commercial presence along Ferry Road, the suburb offers a unique blend of functionality, accessibility and growing lifestyle amenity.

“The subject property presents a rare opportunity to acquire an income-producing asset with embedded future potential in a suburb on the rise. Investors, developers, and owner-occupiers with an eye for growth will recognise strategic value in a property that delivers now and sets the foundation for what’s next.”