Located in the immediate Christchurch airport precinct, 7.62 ha of commercial land has hit the market.
Located at 361 Russley Road, Harewood, the property has four road frontages with exposure to SH1.
The property is being offered to the market for sale or lease by Ray White Commercial Christchurch agent Paula Raine.
“It’s a rare opportunity to purchase or lease such a large site of freehold land next to the operational side of Christchurch International Airport, as most of the surrounding land is either leasehold or owned by the Airport” Ms Raine said.
“The northern end of the site is subject to building height restrictions to protect the approach lines to the end of the runway, but still allows an approximate floor plate of 24,700sqm at the southern end, which can also be extended vertically possibly up to a maximum of 20m, depending on the building’s design and the technical height limits.”
The property is in the development precinct of the airport and is zoned “Specific Purpose (Airport) Zone” which permits industrial activities including warehousing, freight distribution and car parking.
Ms Raine said other uses would require resource consent and the airport’s approval.
“The kind of buyers or tenants the property would suit are those who already operate a business in this type of location but in other centres, such as freight distribution, logistics, aviation support services industry, car rental or car parking providers,” she said.
“Hotel, tourism, leisure and retail providers may be interested although they would require additional time for greater due-diligence and for going through the consent process if they don’t meet specific built form and activity standards”
Ms Raine said the market for development sites had been highly active, especially for warehouse and industrial use.
“Since the pandemic we have seen massive disruptions to supply chains and the failure of ‘just-in-time’ deliveries, especially here in NZ where we tend to be at the bottom of the priority list for international shipping agents when they’re deciding where to move goods around the world,” she said.
“Not being able to get their hands on essential stock or materials when required has resulted in more businesses wanting to buy or lease larger warehouse’s so they have greater control over having their stock on hand where and when they need it.”