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Hornby syndication offered to investors

Saturday, 14 April 2018 12:09
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A landmark warehouse and showroom property in the sought-after Christchurch industrial suburb of Hornby is being offered to investors through a proportionate ownership scheme.

Silverfin Capital Ltd has appointed Colliers International to market the syndication of 704 Halswell Junction Rd, Hornby.

Colliers’ syndications director Charlie Oscroft says it is an opportunity to secure a foothold in New Zealand’s buoyant industrial property sector without significant capital outlay.

Oscroft adds that the 22,004sq m industrial property is the flagship facility of long-term tenant Metropolitan Glass and Glazing Ltd (Metro Glass), a leading manufacturer and installer of double glazed windows and doors.

The 9663sq m premises were design built for the company in 2004, and Metro Glass recently extended its lease until 2026. Metro Glass is Australasia’s leading manufacturer and installer of double glazed windows for both new and retrofit residential properties, as well as commercial construction, he says.

“Metro Glass has an extensive network of four processing and 16 distribution or retail sites across New Zealand. The company also operates two processing and distribution sites in Melbourne and Sydney, via its subsidiary Australian Glass Group.”

Metro Glass’ parent company, Metro Performance Glass Limited, is listed on the New Zealand Stock Exchange and Australian Stock Exchange.

Oscroft says Silverfin is offering wholesale and eligible investors a chance to acquire a beneficial interest in the property’s buildings and land.

The offer closes at 5pm on Friday, May 11, unless extended, withdrawn, or closed earlier.

The 704 Halswell Junction Road Scheme comprises 201 investment parcels of $50,000 each.

Investors are projected to receive a pre-tax cash return of 7.75 per cent per annum, forecast to March 31, 2020.

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