Against the backdrop of all-time low Christchurch CBD office vacancy rates, a local investment company is selling one of its prime properties in the heart of the central city.
Known as Press House, the building is at 156-158 Gloucester Street, in the hub of the Performing Arts Precinct.
Behind its replica historic facade is a frameless glass seven-level building that is fully leased.
Colliers Christchurch Managing Director Hamish Doig is marketing the property with Courtney Doig by deadline private treaty, closing 26 March.
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Hamish Doig says demand for city centre offices currently outstrips supply, with an acute shortage of available space in prime locations.
He says a change in the vendor’s shareholding meant the preference was to sell and recapitalise.
“This is a lucrative property investment that has served the owners well during their 12-year tenure.
During that time, this area of the city has really become established with the opening of the Tūranga library and subsequently Te Pae Christchurch Convention Centre, the strengthening and refurbishment of the Christchurch Town Hall, and the current construction of the Court Theatre.
“It’s a wonderfully light and airy north-facing building, enjoying fantastic views over the city and Victoria Square.
"Immediately opposite is the Isaac Theatre Royal and bustling New Regent Street, undoubtedly the prettiest street in Christchurch.”
This stretch of Gloucester Street is currently part of a 10-week trial to ensure the precinct is ‘people friendly’.
The project has involved bench seats and planter boxes, blocks of gold and burnt orange coloured paint adorning the street, and stencils of nīkau palms to complement the palm trees outside Cathedral Junction.
Completed post 2011, Press House sits on 1,206sq m of land and has a net lettable area of 4,674sq m across its five levels, complemented by two levels of secure parking. Net annual rental is $1,764,915.
There is a head lease in place to a well-known national brand until January 2028, with two four-year renewal options, and subleases to Synlait, Cosgroves, and Global Office.
Doig says the Christchurch investment property market is buoyant with the change in government bringing more certainty and confidence.
In March alone, Colliers Christchurch has at least 16 properties slated for auction.
“There’s a really positive mood. We’re seeing new investors coming into the Christchurch market, committing to major purchases, and existing buyers looking for new opportunities.”
- Supplied by Colliers
