New arrivals begin to check in at airport development

New arrivals begin to check in at airport development

Construction of a facility for the first new tenant for Christchurch Airport’s Dakota Park freight and logistics precinct is expected to be the catalyst for an increasing number of companies wanting to relocate to the new precinct.

Last month, data management company Recall became the first business to begin construction of its premises at Dakota Park. Real estate agency Bayleys - which is managing the leasing – is confident that other businesses will follow suit shortly.

“We already have another international company confirmed, with building to get underway in the new year,” said Bayleys Canterbury commercial business manager, Pete Whalan.

“In addition, we are also in discussions with a number of other firms interested in the park,” he said.

The Canterbury earthquake had disrupted the usual trends in the Christchurch property market, explained Mr Whalan.

“As a result of the September earthquake and the damage to a considerable number of commercial and industrial buildings around the city, some 50,000 square metres of vacant property across Christchurch and the outer city reaches has been leased to tenants forced to move out of their operational premises,” he said.

“Initially, lease terms for much of this space were on six-month contracts. However, most of the leases we know of have since been extended beyond this – effectively soaking up a considerable amount of the available capacity.

“That will leave those seeking appropriate new or larger premises next year with less choice – which is where a development like Dakota becomes increasingly attractive as purpose-built space.

“Also, as New Zealand continues to slowly recover from the global financial meltdown, industry will once again begin planning more long-term, which is how Dakota has always been marketed,” Mr Whalan said.

On completion, the Dakota Park development will encompass 80 hectares adjacent to the runways at Christchurch International Airport and bordered by State Highway One on the other boundary. The airport company will remain as landlord of the development.

Purpose-built infrastructure in the park includes wide internal roads to accommodate large-scale trucks and minimisation of roundabouts.

Caption: One down… more to come. The first tenant for Christchurch Airport’s Dakota Park development has begun building, with more waiting in the wings.

ENDS

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