CDL’s New Zealand subsidiary buys industrial plot for NZ$17m

The parcel forms part of a bigger Industrial Park planned in the area.

City Developments Limited’s (CDL) New Zealand unit has picked up a 10ha industrial land in Christchurch, New Zealand for NZ$17.1m.

CDL Land New Zealand Ltd has entered into unconditional agreements to buy the 10.1ha in Burnside, Christchurch.

The parcel will become part of the broader Industrial Park precinct planned in the area, according to the company’s announcement on 12 July.

CDL Investments CEO Jason Adams said the land’s current zoning allows for immediate development, while its scale could accommodate around 15 to 17 industrial lots. 

The settlement of the acquisition is expected to take place in September.