Industrial foothold in Belfast’s growth corridor

A modern, fully leased industrial asset in one of Christchurch’s most tightly held precincts is now for sale, giving motivated investors the chance to secure scale and long-term land value as the South Island continues to lead national market activity.

Constructed in 2014–2015 to 100 percent NBS, the property at 46 and 46A Belfast Road sits within Belfast’s industrial corridor and combines a modern 1,540sqm facility with an additional 5,162sqm of leased yard, providing valuable operational space for its construction-related occupier.

Zoned Industrial General which supports a wide range of industrial, warehousing, logistics and manufacturing activities, the property comprises a 1,130sqm high-stud warehouse with excellent natural light, three-phase power, and two container-height roller doors. This is supported by 410sqm of north-facing corporate office accommodation over two levels, along with 30 on-site car parks that provide practical access for staff and visitors.

The property is fully leased to SkyHigh Scaffolding Limited, a subsidiary of Acrow Group which is New Zealand’s largest scaffolding and formwork provider. The tenant employs approximately 350 staff through its nationwide branch network, providing investors with the security of a proven national covenant.

SkyHigh’s eight-year term commenced 1 February 2026 and includes two further five-year rights of renewal extending the potential final expiry to 31 January 2044. The property returns net annual income of $390,000 plus GST and outgoings as at 1 October 2026. Market rent reviews occur every four years from 1 February 2028, with CPI reviews every four years from 1 February 2030, providing a structured and predictable review cycle for investors.

Graeme Donaldson, associate director investment sales at Bayleys Canterbury, is marketing the property for sale by deadline private treaty closing Thursday 10 September, unless sold prior.

The offering reflects the continued strength of Christchurch’s industrial market and the broader South Island trend of elevated investor activity.

“Industrial remains one of the most sought-after asset classes in New Zealand, and Christchurch continues to outperform on both enquiry and transactional depth,” says Donaldson.

“Christchurch is seeing strong deal flow and large volumes of committed capital, with investors actively pursuing quality industrial assets across the market.”

Donaldson says the combination of scale, modern construction, and tenant strength positions the subject asset particularly well.

“It meets modern code, is functional, well‑located, and backed by a national operator. The substantial underlying landholding adds yet another layer of long‑term value, giving investors future flexibility while supporting the current tenant’s operational needs.

“The surrounding area features a well-established mix of industrial occupiers, and new development across the road, along with broader precinct consolidation, is further strengthening the location’s long-term positioning.”

Belfast’s strategic location, with direct access to State Highway 1 and the Christchurch Northern Motorway, continues to draw national occupiers and logistics operators seeking efficient regional connectivity. Growth across North Christchurch’s commercial and residential catchments is also supporting workforce availability and reinforcing long-term occupier demand.

“This property’s strong tenant covenant is supported by rising development activity across the region, where sustained construction demand continues to underpin the need for scaffolding services.”