Christchurch Redpaths investment for sale

The modern store premises of a top South Island electrical supplier are for sale promising a crowd-pleasing commercial property investment near Christchurch’s new inner-city stadium.

Prominent corner site near new Christchurch stadium

The north-facing corner site on St Asaph Street has exceptional street profile within easy reach of the city centre, key transport routes and amenities. It sits in the heart of the rapidly revitalising precinct centred on the 25,000-seat, multi-use One New Zealand Stadium.

Established Redpaths tenancy anchors investment

The property has been fully leased for eight years to Canterbury-headquartered electrical products wholesaler Redpaths. Founded in 1945, the family-owned business today has over 100 staff and 18 branches across the South Island.

Net annual rental return of $290,353

The lease for its St Asaph Street store generates a net rental return of $290,353 plus outgoings and GST per annum, with CPI-indexed annual rent reviews ensuring consistent and predictable financial performance.

Redpaths recently renewed the lease for four years. Two further four-year rights of renewal are available, potentially taking final expiry to 2038.

Central Christchurch property heads to auction

The freehold property at 308-310 St Asaph Street is being marketed for sale by Murray Madgwick of Bayleys Canterbury.

It will go under the hammer at an auction on Thursday 3 December, unless sold prior.

“This is a genuine blue chip commercial property opportunity which embodies all the key investment fundamentals: quality building, quality location, quality tenant,” says Madgwick.

Modern building rated at 100 percent NBS

The more than 1,000-square-metre building was constructed in 2018 and has a seismic rating of 100 percent of new building standard. It is underpinned by some 1,981 square metres of land across three fee simple titles, zoned Industrial General under Christchurch’s district plan.

“The premises are well suited to the tenant’s business operation with a fit out tailored to their requirements. A key feature is the generous canopy providing practical covered space for efficient weather-protected loading and unloading of goods.

“Drive-through access adds further to the site’s operational versatility, along with 25-plus on-site car parks – a valuable capacity rarely available with properties of this size in such a central location.

“The substantial freehold landholding provides an impressive footprint in a prime central location with excellent exposure and vehicle accessibility for clients and staff from Ferry Road and St Asaph Street, as well as visibility from Barbadoes Street,” says Madgwick.

Central location supports regional connectivity

A position on the southeastern CBD fringe places the store minutes from key arterial Brougham Street (State Highway 1) and the Four Avenues encompassing the inner city. This supports straightforward east-west and north-south goods movements and quick transit times to the city centre, Christchurch Airport, Lyttelton Port, and the wider Canterbury region.

Stadium precinct regeneration supports future potential

Madgwick says the location a block from the new centrepiece arena provides additional profile and appealing possible future uses.

“With the regeneration of the area already underway, property values look set to benefit from the vibrancy surrounding our city’s largest drawcard. Those with an eye to the future might see long-term possibilities in the changing character of the eastern belt.

“The St Asaph Street site’s zoning provides for wide-ranging industrial, trade and repair-related operations. New owners may in future explore alternative uses and development prospects that fit with the evolution of the lively stadium precinct – subject to necessary approvals.

“A number of projects are already underway as the area transforms to better cater to rising demand for services and hospitality driven by activity at the new stadium,” he says.