The high-profile heritage Strategy House, on the corner of Moorhouse Avenue and Madras Street in central Christchurch, is for sale
The brand agency has been housed in the former Grosvenor pub since mid-2011, transforming it into offices in an early example of post-earthquake restoration and repurposing of heritage spaces.
Benefitting from being located beside Ara Institute, Strategy is closely involved with the tertiary educator and employs many of its design school graduates.
Courtney Doig, Investment Sales specialist with Colliers International, says heritage buildings in Christchurch are few and far between.
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“Strategy House is really special not only because of its heritage status but it’s already been fully restored, making it a very attractive investment proposition. For tenants, it’s close enough to walk into town and is near great amenities such as the supermarket and pharmacy opposite.
“We’re fielding great demand for quality assets such as this, with buyers looking for viable investment alternatives given the low interest rates. Quality remains crucial and this property definitely ticks all the fundamentals that investors seek.”
The building’s other benefits include the prominent corner site, future ability to lease to multiple parties, quality fit out and the high calibre of the existing tenant. Rental is currently $164,160 plus GST a year.
Located at 367 Moorhouse Avenue, Strategy House covers 483sq m on a land area of 840sq m with 14 car parks.
The Grosvenor was one of the oldest remaining (former) hotel buildings in Christchurch, opening in 1877.
Because of its proximity to the then railway station, the hotel was the favoured railway workers' pub for many years. The decline of rail travel and the closing of the railway station in the 1990s, and the departure of traditional industries from the area eventually saw the closure of the Grosvenor in the early 2000s.
By the late 2000s the hotel had been vacant for some time. Renovations in 2010 secured the building’s future and ensured that it survived the 2010/2011 Canterbury earthquakes.
Only 1km southeast of the Christchurch CBD, the property is also only 500m from the planned Multi-Use Arena and sits amid an eclectic mix of retailers and cafes.
Its Commercial Central City Mixed Use Zone provides for the continuation of existing activities and a wide range of other community, commercial and business activities, while supporting the role of the Commercial Central City Business zone as the focus for retail, offices and commercial services.
Strategy House is for sale by deadline private treaty, closing December 10.
