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News Release

Christchurch

Population forecast to boom in Wigram

Opportunity to buy into Treffers Road


 

 

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​​91 Treffers Rd outline-5 small.jpg

When a city rebuilds after a disaster, some areas flourish as people move to different parts of town. 

“Wigram is one of them. It’s a rapidly changing part of Christchurch,” JLL’s Managing Director Nick Hargreaves says. “If you look at the demographics you can see that what was once an industrial area is very quickly turning into suburbia. That will drive changes in the way land is used. For example we will start to see more retail in Wigram to service the people living there.”

JLL Economist and Research Consultant Angela Webster has investigated the population forecasts for Wigram. 

“The numbers are startling,” Hargreaves says. 

The resident population of the area units of Wigram and Middleton is forecast by Statistics New Zealand to increase from a count of 5,650 as at June 2013 to 12,470 in 2043. 

“That means that approximately 2,728 new households will be located in the area in a 30-year time frame, with 2.5 residents per household,” Webster says.

“That forecast growth of 6,820 residents over 30 years represents a 121 percent growth rate, compared to the 22 percent growth forecast for Christchurch City and 27 percent for New Zealand as a whole,” Webster says.

“Given these numbers, investors with vision will be looking ahead and thinking about what suburbs like Wigram will look like in 30 years’ time,” Hargreaves says. 

JLL agent Chris Harding is marketing a property at 89-91 Treffers Road in Wigram, in conjunction with Hargreaves. Given the huge population growth forecast for the Wigram and Middleton area, potential purchasers should think beyond its current industrial use, Harding says.

“Our research shows that the population density of the Wigram and Middleton area is forecast to increase substantially between 2013 and 2043. It will leap from 475 residents per square kilometre to 1048,” Harding says. 

The Treffers Road property is 1.3067ha in total, and is made up of two tenders. The rear site is an 8,318sqm piece of land with modern industrial buildings, and the adjoining neighbouring site is a vacant 4,794sqm plot. It is for sale by tender, closing December 16. ​

“We know of tenants who are actively looking in the area. The release of this opportunity into the market will unlock the supply chain, allowing medium-sized tenants in the area to expand,” Harding says.

“This opportunity is extremely well located in terms of transport connections. It is right next to Christchurch’s main arterial routes,” Harding says. “Roadworks under way next to the property will allow easy access to new ramps onto the motorway.”

The property is a 15-minute drive from Christchurch airport, a 20-minute drive from the port at Lyttelton and 10 minutes from the CBD. These drive times will improve when the various motorway projects around Christchurch are completed.  

“This property could suit owner-occupiers, investors or developers,” Harding says. “This precinct has already changed since the earthquakes and is a significant office, warehouse and showroom area. 

“The property adjoins a key junction of the Southern Motorway which connects Curletts Road through to Blenheim Road leading out to the more western industrial areas of Christchurch. We see the position of this property next to this key transport route as a major positive factor,” Harding says.

JLL’s Transaction Trends 2015 report shows there was increased investment in Christchurch over 2015. Lower yields and tight competition in Auckland have driven investors to seek options in other parts of the country.

“We expect to see further geographical diversification of investment activity into the Christchurch market over 2016 and 2017, and we expect investor interest to increase for mixed use property,” the report says. ​