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Colliers presents 1375 Springs Road, Lincoln to the market for sale.
This is an opportunity to secure a trophy office building on a long-term lease to a strong tenant covenant in a developing satellite township. The stunning two-level office building was completed in 2019 and features a striking design. The improvements were purpose-built for PGG Wrightson Seeds while maintaining flexibility for future uses and potential split occupancy. Excellent onsite parking is provided at both the front and rear, totaling 36 spaces.
The property is located on the eastern side of Springs Road, directly opposite Lincoln University and the new AgResearch precinct. To the rear lies the former AgResearch campus, which is proposed for redevelopment in the near future. Further east, a retail precinct anchored by a New World supermarket adds to the area's growing appeal. This is a prime and developing location within the expanding Lincoln Township.
The property is leased to PGG Wrightson Seeds New Zealand Limited for a 15-year term commencing in June 2019, with a strong 9.40-year weighted remaining lease term. Rent reviews occur annually at CPI + 1.0%, with market reviews every five years. The lease is fully net (excluding management expenses) and includes a potential future building expansion right. This is a bottom-drawer A-grade office asset with a long-term lease to a high-quality tenant, strategically positioned in the developing Lincoln township.
We strongly encourage a full viewing to appreciate the quality of this asset and the opportunity it presents.
For sale by Deadline Private Treaty 4pm, Thursday 13 March 2025 (unless sold prior).
Boundary lines are indicative only.
Features:
* Modern Asset
* 9.40 Year remaining WALT
* Quality Tenant Covenant
* Land area 3,083 sq m
* Prime Lincoln township location
* Functional building
* Mix of CPI & market reviews
* 36 onsite carparks
* Current income of $790,726 pa