A fully leased building in the tightly held Christchurch CBD retail precinct is for sale with the potential to add the large neighbouring site.
Prominently located at 268 High Street, the building has 18m frontages to High and Hereford Streets and is being marketed for sale via deadline private treaty closing 17 November by Colliers Christchurch’s investment sales specialist Courtney Doig and Director of Retail Nick Doig.
One property away from the corner of Hereford and High Streets, the stand-alone building is in easy walking distance to a range of notable amenities in the city.
The total land area of the subject property is 526sq m with floor space of 926sq m.
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“This tidy commercial asset generates nearly a third of its income from medical occupiers anchoring the level one tenancies, coupled with four ground floor retail and hospitality tenants sitting at modest rental rates. The mix of occupiers offers an astute investor spread of risk across the multiple cashflow streams,” Courtney Doig says.
“With ownership limited to a handful of local investors, City Mall investments are rarely available.”
She says there is also potential for an investor seeking a larger holding to buy the immediately adjacent property at 250-270 High Street, owned by the same vendor.
Aside from the medical practice, the building’s tenants include popular gift and homeware store Shut the Front Door, The Body Shop, and two strong food and beverage operators fronting Hereford Street.
Nick Doig says the CBD retail precinct is thriving with prime retail space in high demand.
Vacancy across the entire retail precinct has halved since 2020 to just 6.1 per cent.
“Christchurch CBD retail has never been in better heart. Consumers have embraced the new city centre for shopping, work, and leisure,” he says.
“International retailers are increasingly looking to Christchurch for expansion, given how well our CBD has held up throughout Covid compared with the other main centres.
"The City Mall is more and more becoming an attractive alternative to Westfield Riccarton, given the modern environment, the continually strengthening retailer tenancy mix, and the more sophisticated shopper demographic.
“With significant occupancy improvement in the past 18 months, and all the major current developments completed, there’s keen interest in City Mall-fronting tenancies from would-be retailers to the precinct.”
- Article supplied by Colliers
