A Queenstown industrial building on the market is expected to be highly sought after due to the acute local shortage of this type of property.
Infrastructure company Civil Construction’s base, off Frankton’s Glenda Drive, is for sale through Colliers International.
The 3753 square metre site includes a two-bay workshop, adjoining offices and amenities, a first-floor three-bedroom flat, 13 carparks and a large secure yard.
The building was erected in 2002 and extended in 2008.
Civil Construction has a contract to lease back the premises for three years for an annual $240,000 rental that increases two per cent per annum.
The property’s for sale by deadline private treaty, closing August 24.
With similar properties returning yields of five to six per cent, it’s expected to fetch more than $4.2 million.
“We’re in a classic scenario where there’s a huge amount of demand and almost zero supply of industrial-zoned land,” local Colliers director Mark Simpson says.