Two highly-regarded property companies are teaming up to strengthen and refurbish one of the most significant heritage-listed buildings in Christchurch - the former State Insurance Building at 116 Worcester Street.
Vale Property has formed a joint venture with Russell Property Group to complete the project, which will bring the building up to 100% NBS.
It will also be fully restored to its former glory, providing stunning, high-stud character office and hospitality space as well as a rooftop bar.
The grand, stripped-classical style building was designed by distinguished New Zealand architect Cecil Wood in association with local architect Paul Pascoe.
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It was built by the Government in 1935 for the State Insurance Office.
The building was damaged in the 2010-2011 Canterbury earthquakes and has been empty since then.
It includes the original seven-level building fronting Worcester Street as well as a nine-level addition to the rear, constructed in the late 1960s.
Vale director Zach Staples, who is leading the project with Russell Property’s Brett Russell, says the project, expected to be complete around the end of 2024, will involve significant capital investment into seismic strengthening.
“This is a major project which will include a detailed programme of structural strengthening work throughout the building, reinstating it as A grade character office space with excellent seismic performance.”
Russell Property managing director Brett Russell says the refurbishment, designed in concept by Jasmax Architects, will see the building’s many beautiful heritage features meticulously restored, while transforming it into highly functional corporate and public spaces for the contemporary age.
“This building is worthy of saving and is part of Canterbury and New Zealand’s architectural heritage which we will preserve for future generations.
"The greenest building we can have is one we restore, and we are excited to deliver to the market a carbon zero building which will be refurbished into highly attractive character space, offering modern flexibility, superb natural light and views,” he says.
“We are excited by the challenge and privilege of ensuring this building, located at the entrance to Cathedral Square, once again stands proudly alongside other neighbouring historic buildings, most notably the Old Government Building and Trinity Church.”
The list of original features to be restored include the stone facade with Maori motifs and decorative bronze detail.
Green and pink marble line the entrance and main foyer, while the interior also features art deco light fittings, plaster friezes, marble columns and a curved stairwell with kauri hand rails.
Brynn Burrows, director of commercial leasing at Colliers, is now inviting expressions of interest from potential office and hospitality tenants looking at leasing space in the 5,373sqm building, which will also feature basement car parking.
“This is an exceptionally rare opportunity to occupy space in a piece of Christchurch’s history,” says Burrows.
“We are seeking anchor tenants who will occupy one or more of the office floors, while there are also opportunities for smaller tenants to occupy part floors.
"Only a fraction of Christchurch’s character buildings remain following the earthquakes, which makes this opportunity truly unique.”
As well as office tenants, there will be spaces on the ground and mezzanine floors within the lobby for restaurants/cafés and other uses such as co-working space, Burrows says.
“The double-height lobby is a strong differentiating feature of this building, in a city where the lobby experience is often overlooked as a key interface between building occupiers and the public.
"This space lends itself perfectly to an inviting mix of open-format hospitality areas, intimate break-out spaces, meeting rooms and private function areas, as is often seen in cities such as London and New York,” he says.
“The large size of the lobby and the open mezzanine are a really exciting opportunity to create interconnecting, activated spaces for use by the public and tenants.”
The rooftop bar will be a further strong addition to Christchurch’s dining and bar scene, following the success of other rooftop hospitality spaces which have opened in the city in recent years, he adds.
A further benefit to tenants is the refurbishment will target sustainable credentials including a net carbon zero rating, NABERS and Green Star 5. It will also include secure basement bike storage and corporate grade end-of-trip facilities.
The building’s location just off Cathedral Square places it midway between the core CBD retail precinct and the upcoming Te Kaha multi-use arena.
Several other key public amenities, including the Turanga central library, Rau Ora Park, the Otakaro-Avon River Precinct and Te Pae Convention Centre are also within a few minutes’ walk.
