In most locations, the zone is buffered from residential areas by the General Industrial zone.Īlex White said the Birmingham Drive property was located among other quality buildings and businesses – including the new offices built next-door to house the New Zealand base of international global-positioning-systems tech’ giant Trimble. It is zoned Industrial Heavy under Christchurch’s district plan – in an area characterised by a wide range of industry and warehousing. The building has recently been renovated and strengthened, giving it an Initial Evaluation Procedure rating of 67 percent of new building standards.
There is an additional stairwell on the south side of the building."
"It features a canopy at the main entrance and a full-height entrance foyer at the north side of the building, which is bordered by the main stairs and a lift. "The building was constructed 20 years ago with precast concrete walls and a steel roof, sitting on concrete foundations and ground-floor slab," said Stewart White. Salespeople Stewart White and Alex White said the premises consisted of a building with a total floor area of approximately 1,900 square metres on some 2,520 square metres of freehold land. The Birmingham Drive property is now being marketed for sale by Bayleys Canterbury.
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The company says its flagship product, Diligent Boards, is the most widely-used board portal in the world – relied on by more than 650,000 board directors in 16,000 corporations, government agencies and not-for-profit groups.ĭiligent Board Member Services’ lease – which also includes 15 dedicated car parks and further tandem-use parks – generates annual rental income of $227,800 plus outgoings and GST per annum on a lease running through to 2021.
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Harness Racing New Zealand pays annual rent of $170,000 plus outgoings and GST for its office space and 15 car parks on a lease running through to 2024, with two further five-year rights of renewal.Īpproximately 864 square metres on the ground floor is leased to Diligent Board Member Services, which provides corporate governance software to help board directors of organisations to collaborate on information for meetings. "We have been assured in discussions with Diligent that fee discounting is not taking place," Paterson says.ĭiligent is poised to break-even at the cashflow level later this year.The Birmingham Drive property generates annual net rental income of $397,800 plus outgoings and GST per annum. In the latest quarter they averaged below US$22,000.ĭiligent has said fees constantly fluctuate depending on the number of users per licence and the size of individual boards. That raises slight concerns, "raising the possibility that licences have been discounted to support sales growth." Average fees steadily declined through 2008 before stabilising between US$24,000 and US$25,000 in 2009. "The presence of experienced investment firms Spring Street Partners and Carroll Capital Holdings (major shareholders) tends to suggest this is a vision that is shared by important others."ĭiligent's results for the three months ended March were in line with expectations although annualised licence fees of $0.59 million were slightly below the $0.6 million to $0.7 million he had expected, Paterson says. "A suitor looking for a high-quality bolt-on offering to apply to an existing distribution network would likely see merit in Diligent's Boardbooks product," he says. "Diligent could potentially hold appeal for bigger companies with a more established global presence, especially if they have existing connections to media and /or board operations, says Paterson, whose firm managed Diligent's 2007 float. Diligent Board Member Services is becoming increasingly attractive as an acquisition target, says McDouall Stuart analyst Roger Paterson.
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