Developers are being offered the opportunity to acquire and construct a large, fully-consented retail centre, supermarket and residential neighbourhood on 21 hectares of greenfield land in Halswell, Christchurch.
CBRE, on behalf of Woolworths New Zealand, is inviting expressions of interest (closing on 24 March) for the planned development, which will include a 3765 sq m Countdown supermarket, medical centre, childcare facility, gym, retail, food and beverage space, a two-storey apartment building and more than 250 stand-alone homes.
The development at 201 Halswell Road has recently achieved resource consent and Environment Court approval.
It will be offered for sale with active consents in place, along with detailed development plans and an agreement for Woolworths NZ to lease the new Countdown supermarket for an initial term of 10 years, plus rights of renewal.
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Tim Rookes, managing director of CBRE’s Christchurch office, said the development is a “tremendously exciting” opportunity for a developer to realise Woolworths NZ’s vision to develop a new, high-quality mixed-use neighbourhood, which will create a lasting legacy in a fast-growing suburban hub.
“At just over 21 hectares, this site presents an opportunity of scale which will be viewed as a highly compelling proposition for well-capitalised developers. Crucially, resource consent is in place, significantly de-risking this opportunity, which is located in a fast-growing and highly desirable part of the city.”
John Holmes, senior director at CBRE, said the development is expected to appeal to a variety of local, national and offshore buyers.
“It’s difficult to think of an opportunity that is better matched to the criteria which active investors and developers are seeking right now.
"The development offers two of the most coveted asset types in the current market – a large format supermarket and a significant residential component. For these reasons alone, we anticipate significant interest.”
As well as the supermarket, retail and food and beverage tenancies and dwellings, the centre will include a medical centre, childcare centre, gym, swimming pool, cinema and car parking.
Public gathering spaces and pocket parks will be scattered throughout both the commercial and residential areas.
Cameron Darby, senior negotiator at CBRE, said the presence of Countdown as ‘anchor’ occupier creates an exceptionally strong drawcard for other retailers looking at leasing space in the development.
“Woolworths NZ has demonstrated its confidence in this development by committing to a new 10-year-plus lease to the Countdown supermarket. This, along with the adjacent construction of more than 250 new homes, will ensure the development is viewed by retailers and food & beverage occupiers as having excellent prospects for long-term viability.”
The site is positioned in a high-growth location which has a lack of existing retail provision, with local retail limited to the supermarket and adjacent retail located around two kilometres to the south west, said Darby.
“With the growth in residential and retirement housing in the wider area, including the neighbouring Spreydon Lodge/Halswell Commons residential development, the provision of additional retail at 201 Halswell Road will add a real drawcard to the local area which will be viewed positively by developers.”
The development is offered for sale at a time when demand for housing and rising prices are both surging ahead, Rookes said.
“In response to limited demand for housing and recent strong value growth across the city, developers are actively chasing land and buyers are chasing limited supply. These are all highly positive indicators for bringing 201 Halswell Road to the market.”
201 Halswell Road is located opposite the Aidanfield subdivision on State Highway 75, the main route between Christchurch and Banks Peninsula. The location also benefits from quick access to the recently-upgraded Christchurch Southern Motorway.
The Nga Puna Wai sports hub is also located close by, along with the recreational opportunities of the Port Hills Reserves, said Darby.
“The surrounding land has been transformed since the earthquakes with large-scale residential development centred around Halswell and Wigram. The development of 201 Halswell Road will continue the area’s growth and provide a crucial missing link in the provision of retail and services in this key location between Halswell and central Christchurch.”
- Article supplied by CBRE
