CDL Investments has entered into unconditional agreements to buy 10.08 hectares in Burnside, Christchurch for $17.1 million.
The land will be developed into multiple industrial lots as part of the wider industrial park precinct.
CDL chief executive, Jason Adams, said the opportunity to get land in such a strategic location was rare and said it was an opportunity the company could not ignore.
The land's zoning allows immediate development, with the potential to create approximately 15 to 17 industrial lots.
Funding for the purchase will come from retained earnings, and settlement is scheduled for September 2024.
CDL Investments is a wholly owned subsidiary of Millennium & Copthorne Hotels New Zealand.
See more
