One of the last remaining ‘as is, where is’ developments in the heart of the Christchurch CBD, Guardian Assurance House, is already consented for two different uses.
Marius Ogg of Colliers Christchurch, who is marketing 79-83 Hereford Street for sale with colleague Mark Macauley, says the commercial building could be converted into a hotel, offices, or residential apartments.
Built in the 1970s, it currently comprises a basement with 10 car parks, ground floor, and six upper levels.
Once home to Scorpio Books on the ground floor, the 3,085sq m building is scheduled for auction on Thursday 1 June.
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“The beauty of this building is that it lends itself to so many different options. The current owner has already undertaken comprehensive site works, stripping the building back to its shell ready for repositioning,” Ogg says.
“There is a building consent for structural strengthening in place with some of those works partially complete.”
In 2019, resource consent was approved for a hotel conversion but was shelved because of Covid. The plans are still available to qualified buyers.
Another consented conversion granted this year was for repurposing the building as an office block, comprising ground floor retail and six upper levels of office accommodation with basement car parks and a rooftop terrace.
Ogg says CBD office vacancy is at a record low and rentals are increasing, which augurs well for this prospective use.
“We think it also has excellent potential as an inner-city apartment block, with CBD living never more popular. The building is ideally placed opposite Fat Eddie’s bar, The Terrace, and one block to the north of Cashel Mall and Riverside Market, and it is also close to Cathedral Square.
“With an improving tourism sector and hotel demand, and an office market with shrinking vacancies and increasing rentals, as well as the possibility of residential accommodation, there are abundant options to the astute developer.”
Macauley, General Manager at Colliers Christchurch, says the vendor bought the building a decade ago but now has alternative plans.
“There are few ‘as is’ buildings like this remaining and we expect interest from local developers and national owner-occupiers alike who recognise its immense potential.”
- Article supplied by Colliers
