The land and buildings housing the head office of Harness Racing New Zealand and a software company have been placed on the market.
The land and buildings that house Harness Racing New Zealand’s head office in Christchurch is for sale.
The two-storey office building at 17 Birmingham Drive in Middleton, near the Addington Raceway.
The total floor area is about 1900 square metres on 2520sqm of freehold land, Bayleys Canterbury agent Stewart White said.
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“The building was constructed 20 years ago with precast concrete walls and a steel roof, sitting on concrete foundations and ground-floor slab,” he said.
“It features a canopy at the main entrance and a full-height entrance foyer at the north side of the building, which is bordered by the main stairs and a lift. There is an additional stairwell on the south side of the building.”
The property is fully leased to Harness Racing New Zealand andsoftware firm, Diligent Board Member Services. It has a net rental income of $397,800 a year, plus outgoings and GST, White said.
Of that, Harness Racings pays $170,000 in rent plus outgoings and GST, on a lease that runs until 2024 and occupies 883sqm on the first floor and includes 15 car parks. There are two further five-year rights of renewal.
Diligent Board Member Services, which sells corporate governance software, leases 864sqm on the ground floor, White said.
Its lease also included 15 car parks and generates yearly rent of $227,800 plus outgoings and GST.
The 20-yearold building had recently been renovated and undergone strengthening. Its initial evaluation procedure rating is 67 per cent of new building standards, White said.
Under the district plan its zoned as industrial heavy and is surrounded by wide range of industry and warehousing.
The building is constructed of precast concrete walls and a steel roof sitting on concrete foundations and ground-floor slab, he said.
“It features a canopy at the main entrance and a full-height entrance foyer at the north side of the building, which is bordered by the main stairs and a lift. There is an additional stairwell on the south side of the building,” he said.
The site was near an important transport link that ran between the intersection at Wrights Road, Annex Road and Blenheim Road and provided access to the new Southern Motorway, White said.