Once home to a car sales yard, 236 Saint Asaph Street in Christchurch is now home to two popular hospitality offerings.
The combined offering of The Cuban and Flying Burrito Brothers is housed in a building dating back to the 1960s, which is now being marketed for sale by Investment Sales Brokers Courtney Doig and Will Franks of Colliers Christchurch and is scheduled for auction on 31 August.
“The vendor used to own a building in neighbouring Southwark Street and snapped this one up 23 years ago when it was last for sale. But after more than two decades, he’s decided it’s now time to sell,” Doig says.
“There’s a new lease in place to the longstanding hospitality operator, making it an attractive passive investment while providing a foothold in this strategic CBD location for the future.”
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Known as the SALT District, the eclectic area is increasingly tightly held, and Doig says properties are hard to come by with the nearby Te Kaha Multi-Use Arena now under construction.
Doig describes it as a unique opportunity to secure a prime investment in the CBD with significant income and a range of future development options for the creative investor to enjoy.
The property has a total site area of 680sq m on one regular shaped Certificate of Title, along with a 438sq m gross floor area, including the outdoor and amenity areas. It comprises a mix of character bar and restaurant space, covered outdoor areas, and separate toilets.
“This will provide a good income for any incoming investors and will be underpinned considerably by the land value given its prime CBD location,” Doig says.
“The underlying Central City (South Frame) Mixed Use zoning provides the astute developer with an abundance of different development angles in the future.”
North-facing, the property has a 24m frontage to Saint Asaph Street and rear street access to the popular Welles Street. The surrounding area is a vibrant mix of retail, cafes, bars, and offices.
The Havana-themed Cuban is a popular bar and events venue while the Flying Burrito Brothers is a Mexican restaurant pop-up in the same space.
Doig and Franks recently sold a similar sized site nearby at 220 Saint Asaph Street, one block to the west of the property currently on offer. The 776sq m site also had unique character improvements and enjoys dual access to Welles and Saint Asaph Streets.
“This sale further demonstrates the good demand we’re experiencing for freehold properties in this part of the CBD,” Doig says.
- Article supplied by Colliers
