High Flying Investment Opportunity

Media Release for immediate use - July 25 2007

High Flying Investment Opportunity

Investors wanting their dollars to climb skyward are expected to be interested in the upcoming auction of a Christchurch industrial building with a high-flying tenant.

Unit 7, 158 Cavendish Road is leased to Mount Cook Airline Limited, a wholly owned subsidiary of Air New Zealand.

Marketing agent Craig Edwards of Simes Limited says the airline is spending millions outfitting the building, including installing a new computer-based flight simulator, which he says shows substantial capital commitment by the tenant.

“The development is in Papanui, close to Christchurch International Airport, so is a rapidly appreciating location and, of course, ideal for the airline,” he says.

“This property is part of what has been a success story from the beginning,” he says.

“The unit is one of nine developed by Doncaster Holdings. Simes worked with the developer to ensure the complex was built to meet the market. All nine units have been leased and sold successfully, many to owner/occupiers.”

Craig Edwards says Unit 7 offers excellent rent growth and investment potential in a sought-after location. The property consists of a warehouse, offices and a mezzanine area, with five designated car parks.

The airline tenant has a five-year lease plus renewal, paying rent of $34,900 per year plus GST and Opex.

The auction will be held on Wednesday August 15.

ENDS –

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