A town centre commercial complex housing seven diverse tenants is up for sale in one of Christchurch’s fastest growing satellite communities.

The fully tenanted single-storey property in Lincoln sits with excellent frontage at a corner site just off the main thoroughfare of Gerald Street, the town’s key commercial and retail axis.

Its prominent strip of street-front tenancies are anchored by national tenants Hammer Hardware and NZ Post, alongside a convenience store, hair studio, German butchery, sushi eatery, and boutique real estate agency.

The leases generate a combined net rental return of $160,443 plus outgoings and GST per annum.

The freehold land and buildings at 9 Gerald Street, Lincoln, are being marketed for sale by Jesse Paenga, William Wallace and Chris Jones of Bayleys Canterbury.

The property will be sold by deadline private treaty closing on Thursday 3rd July, unless it is sold earlier.

The approximately 561-square-metre retail complex sits on some 1,619 square metres of land. The site has plenty of onsite parking to the rear, accessible via a driveway off Robert Street, along with public parking across the Gerald Street frontage.

Paenga said over a third of the lettable area was leased to the two major national tenants, Hammer Hardware and NZ Post.

Hammer Hardware occupies the largest tenancy, of some 122 square metres, on a current lease that runs through to 2027 with a further three-year right of renewal. This generates an annual net rent of $48,000 plus outgoings and GST.

“With its wide mix of tenants, this fully leased and strategically located property generates diversified income, with good growth potential from built-in rental review structures. The property, and tenants, benefit from Lincoln’s rapidly expanding population and proximity to Christchurch. All of this makes it a compelling passive investment opportunity in a thriving local centre,” said Paenga.

Wallace, who is Bayleys Commercial South Island general manager, said the town centre location and some 40 metres of street frontage assured the site of strong foot traffic and visibility.

“The central Gerald Street position offers an attractive proposition for occupiers and investors alike, combining strong locational fundamentals with the long-term growth prospects of this thriving regional hub,” he said.

Business 1 zoning as part of the Selwyn District Plan allows a range of retail and commercial activities, including offices, visitor accommodation and community facilities. The area is designated as a key activity centre for higher intensity commercial and mixed-use activities.

“The site for sale is surrounded by a well-established mix of national and local retailers, professional services, and hospitality operators. The immediate area is anchored by essential amenities including supermarkets, cafés, medical centres, and schools, all within walking distance. Ample on-street and nearby public parking enhance convenience for both staff and clientele,” said Wallace.

Jones said Lincoln was seeing sustained residential and commercial growth, underpinned by its proximity to Christchurch, around 25 minutes away by car, and its appeal as a lifestyle-focused town.

“Home to some 12,000 residents, Lincoln is the second largest town in Selwyn District. Its population swelled by over 130 percent in the twelve years to 2018, according to census figures. The presence of Lincoln University, a major contributor to the town’s vibrancy and economic resilience, further bolsters demand for well-located commercial premises,” Jones said.

The town is also home to other research facilities such as AgResearch, Institute for Plant and Food Research, the Foundation for Arable Research, and Landcare Research. The High Performance Cricket training centre is also based at Lincoln University. Together, these organisations employ hundreds of people.

As part of the Christchurch metropolitan area, Lincoln is also an increasingly important satellite town, with significant numbers of residents commuting into the city for work.