A modern, fully leased office investment in one of Christchurch’s most desirable commercial precincts is being brought to market amid rising institutional activity and renewed investor appetite for high-performing assets.

Bayleys Christchurch associate director Graeme Donaldson is marketing the significant freehold property at 30 Sir William Pickering Drive for sale by deadline, closing at 4:00 pm on Thursday, 1st May 2025 (unless sold prior), alongside colleagues Jesse Paenga and William Wallace.

The 2,266sqm (more or less) building occupies a substantial 4,639sqm site in the heart of the Canterbury Technology Park – a precinct increasingly recognised as a cornerstone of the city’s established commercial ecosystem.

Donaldson says the investment is underpinned by a firm tenant covenant, with a new 10-year lease commencing in 2024 to Airways International Limited - New Zealand’s sole provider of air navigation services and a long-standing state-owned enterprise.

“This is a premier passive investment that provides buyers with stable long-term income underwritten by Airways Corporation - one of the country’s most stable public sector entities, providing a high level of tenant security.

“Airways has deep roots in this location, with its largest operational base just next door. Their renewed long-term commitment reflects the quality of the building and the strategic importance of this business hub.”

The tenancy returns $737,890 net per annum, with annual CPI-linked rent reviews and market rent reviews on renewal. Two further rights of renewal extend the potential lease term to 2044.

Constructed circa 2006, the property has undergone significant strengthening work and now presents to 100 percent New Building Standard, with a PS4 issued in 2017.

Bayleys Capital Markets South Island director Jesse Paenga says that being zoned Commercial Office under the Christchurch District Plan, the site sits within a precinct prioritised for business use and protected from overdevelopment.

“The offering aligns with the prevailing market trend of investors prioritising long-term value and secure income streams.

“Nationwide, we’re seeing prime commercial assets with strong lease covenants continue to transact strongly – particularly in main centres including Christchurch, where confidence is rising and economic indicators are positive.”

Paenga says this is reflected by the strong interest in the broader Airways Corporation portfolio, which includes the current sale of a neighbouring office complex at 20-26 Sir William Pickering Drive.

“The divestment of these assets reflects a strategic move by the vendor to realign this syndicate, presenting buyers with a rare opportunity to acquire high-performing real estate underpinned by a long-standing government-linked operator in a tightly held precinct.”

The site’s location just minutes from Christchurch International Airport further enhances its appeal to nationally and globally connected businesses.

“Christchurch is gaining renewed prominence as a commercial hub. It’s well-planned urban layout, improving infrastructure, and growing population base make it a standout for occupiers and investors in the current climate,” says Bayleys South Island Commercial general manager William Wallace.

“Further to this, Airways International, as a tenant, brings depth to the investment’s credentials. With operations across 19 towers and two control centres, Airways manages more than 400,000 flights annually across 30 million square kilometres of airspace.

“It is not only a critical air traffic control provider within New Zealand, but also an exporter of aviation training and solutions to more than 60 countries.

“The strength of the tenant covenant, the long-term lease structure, and the premium location all combine to offer a compelling investment opportunity in a market increasingly defined by selectivity and quality,” Wallace says.