by The Landlord
Purchased in November 2006, Glassworks Industry Park provides almost 10 hectares of development land in the heart of the Christchurch industrial market. Commitments from Fisher & Paykel Appliances and Big Chill Distribution are the first stage in the development of a modern 50,000sqm industrial estate.
The purpose built warehouse and distribution facilities have a combined project cost of $6.8 million (including land, construction cost and all fees) providing a blended yield on cost of 8.0%.
At 3950sqm the Fisher and Paykel facility is the larger of the two developments and is to be used as its South Island distribution headquarters. The nine-year lease commences in April 2008 and has a varied review structure with annual inflation adjustments together with market reviews every three years. Fisher and Paykel have also taken expansion rights over approximately 3000sqm of adjoining land.
Big Chill Distribution has committed to a 560sqm cold store and distribution facility for a 15-year term with annual inflation linked reviews.
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