PGG Wrightson’s head office to be auctioned

PGG Wrightson’s head office to be auctioned – by Bayleys...

Bayleys Canterbury is to auction PGG Wrightson Limited’s head office building in Hornby, Christchurch on 24 September and enquiry on the property has been strong since the ‘For Sale’ signs went up a little over a week ago.

Stewart White of Bayleys is marketing the property and says there has already been some interest shown by investors from the agricultural sector including cashed-up farmers who are keen to have an investment property interest with a rural slant.

“This is a beautiful building and is clearly a quality investment opportunity given its location and condition. It was built in 2001 by Calder Stewart Industries – one of New Zealand’s most successful construction companies and the grounds and gardens are immaculate,” says Mr White.

With a total land area of 6739sq m, the freehold property at 57 Waterloo Road is in a prominent position on the corner of Waterloo Road and Braeburn Drive in the Hornby business district. It is one of Christchurch’s pre-eminent commercial and light industrial areas and has seen substantial growth in recent years. Neighbouring properties include showroom/warehouse developments and logistics-related businesses such as distribution companies.

The 2578sq m single-level head office building has offices, meeting rooms, boardrooms and the usual staff amenities with zoned air conditioning throughout along with a further 250sq m of bulk storage space and 93 car on-site car parks.

“”PGG Wrightson recently moved their head office to this site although they have leased this property since 2001. It’s a perfect property for them given its size, high-quality profile and accessibility,” says Mr White.

“With regards the lease agreement, PGG Wrightson has exercised their first right of renewal early, with their next renewal scheduled for 1 October, 2013. The current gross rental on the property is $439,543 plus GST per annum,” says Mr White.

PGG Wrightson Limited is New Zealand’s largest and only nationwide provider to the agricultural sector and their shares are listed on the New Zealand Stock Exchange.

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