A tenanted storage complex at Rolleston in the Selwyn District south-west of Christchurch has been sold by Ray White Commercial Christchurch for $3 million. The property at 108 Izone Drive, Rolleston, was sold following a successful tender campaign by Ray White Christchurch Commercial Salesperson, Paula Raine.
Built between 2007-2011, the storage complex has shown an excellent history of high occupancy, demand and growth. Comprising three buildings totalling approximately 2,431sqm on a 5,924sqm site and consists of 134 storage units, one office unit and 20 onsite car parks. The property is securely fenced with swipe card access and each storage unit is alarmed with the complex also monitored by a security company.
Paula said the complex attracted strong interest as it has a history of high occupancy and is generating an annualised net rental of approximately $270,000 per annum excluding management costs. “We received 26 good genuine enquiries during the marketing campaign before the complex was purchased by a North Island-based investor… The sale price of $3 million represents a passing yield of approximately nine per cent – a great cash-flow investment as Selwyn is one of the fastest growing districts in New Zealand”.