CDL’s subsidiary, CDL Investments New Zealand (CDI), has entered into unconditional agreements to purchase 10.08 hectares of land in Burnside, Christchurch, New Zealand NZ$17.1 million.  

The land will become part of the wider Industrial Park Precinct and will be developed into multiple industrial lots.

CDI Chief Executive Officer Jason Adams said that opportunities to acquire land for industrial
development in Christchurch in such strategic locations were rare and this was an opportunity that CDI could not ignore.

“As part of our wider diversification strategy, we have been looking at opportunities of this nature to expand our commercial development portfolio. This is an area which we have been scouting for some time and having completed due diligence, this purchase gives us the opportunity to expand our commercial developments to the South Island”, said Mr Adams.

He noted that the land’s current zoning allowed it to be developed immediately and he
indicated that approximately 15 to 17 industrial lots could be created.

“We will be working on our scheme plans for the site ahead of settlement later in the year and applying for resource consents in due course. The size of the land will give us opportunities to develop and then sell some of the lots in the next few years with the potential to retain some to add to our commercial portfolio and grow our rental income”, he said.

Settlement of the purchase is scheduled to take place in September 2024.