Sale proceeds of $22m warehouse to go to charity
Christchurch philanthropists Marilyn and Grant Nelson will give the proceeds to beneficiaries including educational and environmental causes.
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A 2.5ha commercial property at 455 Blenheim Rd, Christchurch has been sold for $22.1 million at a 7.6% yield. The vendors are Christchurch philanthropists Marilyn and Grant Nelson who owned the property via their charitable trust the Gama Foundation for 20 years.
The couple will give the proceeds to beneficiaries including educational and environmental causes.
The property comprises warehouse and retail buildings with the largest building a recently-expanded bulk retail store with a new eight-year lease to Target Furniture.
Other tenants are national gardening equipment supplier Parkland Products, fitness gear retailer No.1 Fitness (part of The Warehouse Group) and Office Max. The buyer was Christchurch investor Hilton Smith and the agent was George Phillips of Bayleys.
The Nelsons have donated large areas of indigenous vegetation on Christchurch’s Port Hills, established reserves in South Canterbury, fenced Riccarton Bush to protect birds, and been involved in producing information resources about education and coping with blindness (Mr Nelson has been blind most of his life).
Other funds have gone to studying bipolar disorder, conservation, and improving access to justice.
The Nelsons were awarded Queen’s Service Medals in 2011 for their good works.
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Chris Hutching
Sat, 05 Dec 2015
Sat, 05 Dec 2015
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Sale proceeds of $22m warehouse to go to charity
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