Village Centre northwest of Christchurch

5:05 PM Friday May 3, 2019 True Commercial

The Mandeville Village Shopping Centre northwest of Christchurch. Photo / Supplied

Built last year about 25km northwest of Christchurch, the Mandeville Village Shopping Centre is now on the market.

CBRE is marketing the centre with the tenant mix including a SuperValue supermarket, petrol station, early childhood learning centre, beautician, restaurants and cafes.

The freehold property is to be sold by a deadline private treaty, closing at 4pm on May 23 unless sold earlier, says the managing director for CBRE Christchurch, Tim Rookes.

The facility, at 468 Mandeville Rd, comprises two single-storey gable-roofed buildings on a 6670sq m site.

It has a 102m of frontage on to Tram Rd, a route with more than 6000 daily vehicle movements.

Rookes says anchor tenants are on 15 and 20-year leases with fixed annual growth, so the centre will be a stable and solid investment.

“In addition to 55 carparks, the commercially-zoned landholding of 6670sq m has land set aside for future expansion.

“The Village is the commercial hub for its fast-growing community and, from an investment standpoint, it’s underpinned by excellent cashflow security, with a weighted average lease term of about 11.75 years. And there’s guaranteed rental growth of up to three per cent per annum.”

Less than 30-minutes’ drive from Christchurch, the Waimakariri District has had many large-scale conversions from rural to residential lifestyle properties in recent years, Rookes points out.

“By 2029, the village catchment is expected to increase by nearly 15 per cent and capture a spend of more than $119m, further supported by continued growth in vehicle movements. So to service that, this property comprises a Stage 2 development opportunity of 410sq m.

“Potential uses would include a gym, medical services, hardware, rural and garden supplies, recreational goods and real estate agent offices.”