Business park units up for grabs

Four units in the Workstation55 business park in the Christchurch suburb of Addington are going to auction next month.

The park was developed by Auckland's Latitude Group, which still owns most of the complex but has sold off some individual titles.

Tenants in the units for sale are Telecom, investment adviser Macquarie Private Wealth, insurance broker Crombie Lockwood, and Kindercare Learning Centre. Lease terms run from four to 12 years.

The units are among 17 in the five buildings built in 2007 at the rear of the office park on a 1.6-hectare site on Barry Hogan Place. Each unit has office and warehouse space on a separate title.

Unlike the front of the complex which was created from revamped industrial buildings, the units were purpose built.

Occupants in the rest of the 3.4ha complex include computer giant Hewlett Packard, Statistics New Zealand, power management company Eaton Corporation, the Ministry of Education, and locally owned production company Whitebait TV.

Like other office parks in Addington, Workstation55 was in high demand from businesses looking for space after the February earthquake.

Colliers marketing agent Noel Gilchrist says Latitude Group says it's selling the units to free up capital for other projects.

The company, headed up by Ken Wimsett, also owns the 13-storey HSBC office tower in central Christchurch which has been on the market for more than 12 months.

Its new projects include the development of the $50 million Napier Plaza office complex in Freemans Bay in Auckland.

The company also has a plan, now on hold, to establish the $60m Waipara Wine village and spa complex in North Canterbury.

Gilchrist says there may also be more Christchurch projects for the company because of the earthquakes.

"The Christchurch rebuild represents a huge range of investment opportunities for developers like Latitude Group."

The units will be auctioned on August 23.

- (Live Matches)