The standout premises housing an iconic, award-winning Christchurch cake maker and bakery are up for sale.

The two-storey property on busy Cranford Street in St Albans has been home to a destination bakery and café run by Kidd’s Cakes & Bakery since the building was constructed 10 years ago.

For 27 years before that, Kidd’s operated from a building next door which it moved into after founder Martin Meehan started making cakes in the converted garage of the family home.

Now the anchor tenant of the property for sale at 250-254 Cranford Street (alongside a hairdresser and digital billboard), Kidd’s Cakes & Bakery is a local institution. Generations of families have celebrated special occasions with its signature decorated cakes – the business claims to have made 120,000 over the past three decades. It also provides catering for functions, corporates and special events.

Kidd’s has won numerous accolades, including two golds and many other medals in national pie awards. It has twice won annual awards for the country’s best hot cross buns and in 2010 it was named New Zealand Bakery of the Year. The business was recently bought by another top baker, Breads of Europe, further strengthening revenue streams by adding solid wholesale business to its retail operations.

The bakery/café occupies the lion’s share of the fully leased Cranford Street building on a current lease that runs through to 2034, with two further 10-year rights of renewal.

This, plus the hair salon and billboard leases, generate a combined net rental return of $254,178 plus outgoings and GST per annum.

The freehold land and buildings at 250-254 Cranford Street, St Albans, Christchurch, are being marketed for sale by Jeremy Speight of Bayleys Canterbury.

The property will be sold by deadline private treaty closing on Thursday 5 December, unless it is sold earlier.

The approximately 794-square-metre building is underpinned by some 1,803 square metres of land, with 34 car parks. The site is zoned Commercial Local and Residential Suburban under Christchurch’s district plan.

“As a multi-tenanted post-earthquake investment property, this takes the cake,” said Speight.

“Built to new building standard in 2014, the property houses a bakery on the first floor and the bakery’s café and retail outlet on the ground floor, together spanning some 740 square metres. A separate ground-floor retail tenancy is home to the hairdresser and beauty salon.

“At the southeast corner, fronting Innis Road and northbound traffic on Cranford Street, a five metre by three metre digital billboard provides a third rental income stream.

“The weighted average lease term, based on the initial term remaining on the three leases, is a very attractive nine years – with each lease subject to significant rights of renewal.”

Speight said all three tenants benefited from the site’s prominent position on one of Christchurch’s busiest roads.

“Highly visible on the corner of Cranford Street and Innes Road, a major northern Christchurch arterial, this property has a street presence befitting its famous anchor tenant – with exposure to an estimated 17,000 passing vehicles on an average weekday.

“Positioned around three kilometres north of central Christchurch, it is handy to get to with car access from Cranford Street and Innes Road and bus stops nearby for all directions.

“The property for sale forms part of a cluster of three modern retail buildings plus a medical centre at this busy corner, whose tenants complement each other with significant combined pulling power in the surrounding catchment.

“Ample onsite parking is the icing on the cake, underwriting future value for the existing use as well as space for future development possibilities,” Speight said.

Click here for more information on the listing.