Two CBD properties in the tightly held Cashel Mall in Christchurch have changed hands off-market for more than $25 million with both purchased by local investors.
Riverside Market’s Richard Peebles is extending his reach in the popular retail precinct, buying a 1080sq m parcel of bare land beside Westpac, while a fund managed by Mainland Capital acquired a retail and office complex next to Riverside.
Director Ben Bridge says Mainland Capital acquired the asset in line with the fund manager’s focus on prime locations and investments with “strong defensive qualities”.
“Prime CBD vacancy rates are at their lowest point since the rebuild began. We believe the Christchurch CBD has a strong future with real estate in this location providing a scarcity factor that will enhance long-term returns for our investors.”
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Nick Doig of Colliers, who negotiated both deals, says properties rarely change hands in the Cashel Mall precinct.
“There’s strong investor interest in Cashel Mall given how tightly held it is and properties are always keenly sought by investors and developers. There’s little vacancy available in Cashel Mall, both in the office and retail sectors,” Doig says.
“Last year, new leasing in the retail precinct included popular stores like Huffer, Augustine and Juniper Collective. We’ve also seen renewed interest from international retailers looking to Christchurch for expansion, given how well our CBD has held up throughout Covid compared with the other main centres.”
- Article supplied by Colliers
