A high-end office block in central Christchurch that generates around $3.1 million in rental income a year is on the market for sale.
Christchurch property developers Countrywide Group are selling the new building and an adjacent parcel of developable land through CBRE, by way of deadline private treaty closing at 4pm on November 19.
CBRE Christchurch managing director Tim Rookes, who is marketing the property along with colleagues Cameron Darby and Bonnie Stone, expects interest in the property at 105 and 123 Victoria Street to be high.
The listing follows the sale of two other high-profile Christchurch CBD office assets this year, both completed by CBRE.
Start your property search
In September, the Manawa building at 10 Oxford Terrace was sold to an individual investor for around $80 million – the highest-value single-building transaction ever to be concluded in Christchurch.
And in January, CBRE brokered the sale of the Vodafone building at 213 Tuam Street to a syndicate for $59 million.
Rookes says Christchurch has been propelled into the investment spotlight this year and is expected to continue to enjoy a sustained period of investor interest.
“Yields have reduced in Christchurch but the city still presents excellent value for investors compared with Auckland where yields are now very low. This has helped unleash an unprecedented wave of investment activity into Christchurch. The availability of newly-built assets with extremely high levels of construction quality and seismic strength is a further draw.”
123 Victoria Street, which was opened in 2017, was designed by MAP Architecture and constructed in 2017 by Clearwater Construction. It provides a total of 7462sq m of net lettable area.
Nexia New Zealand, a large business advisory and accounting firm, leases the top floor and has naming rights to the building. Other tenants include Alliance Group, NZ Merino and Pacific Radiology.
Coffee Traders and Vietnamese restaurant You Hanoi Me occupy two of the four ground floor hospitality spaces, and advanced discussions are underway with a highly experienced local hospitality operator looking to fill the two remaining units on the ground floor.
“The hospitality spaces are in a fantastic location facing the sunny boulevard along the northern side of the building, which features Gregor Kregar’s ‘Paradox Void’ sculptures and has a high-end, urban-chic vibe,” she says.
The property also includes 121 on-site car parks, most of which are situated on the empty 2500sqm corner site on the south side of the building.
Richard Diver, of Countrywide Group, says the building is a defining development for the firm. “I’m very proud of it. We’re delighted that it has attracted such high-quality tenants.”
