Rising rental rates and an acute shortage of CBD office space in Christchurch are whetting the appetite of developers to start new building projects in the city centre.
A strategically located parcel of land being sold at 138 Lichfield Street is a prime example of a bare land site in the CBD that fits their criteria.
Investment Sales Brokers Courtney Doig and Will Franks from Colliers Christchurch are marketing the 513sq m site for sale by deadline private treaty closing 13 April.
“With almost no office vacancy in the Christchurch central city, developers are looking at opportunities again. The size of this site is set to meet demand for either an office build, a boutique residential, office, and retail development, or a niche apartment block,” Franks says.
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“This would suit floor plates of around 400sq m and its Central Mixed-Use zoning makes it suitable for diverse uses. We think this will add to its appeal.”
Sitting 300m from Te Kaha – Canterbury’s Multi-Use Arena due for completion in 2026 – the property overlooks Rauora Park, a green space that spans five city blocks from Margaret Mahy Family Playground to Lichfield Street. It is one of the largest public spaces in Christchurch.
“It’s a hugely popular area with both residential and office developers,” Doig says.
Prominent developer Anthony Leighs recently released plans for his $30 million high-end green office build at 211 High Street on the former Excelsior site for which Doig successfully negotiated the sale last year. The building is already half leased.
His fellow developer Richard Peebles’ two-level build on the corner of Manchester and Gloucester Streets is also in the vicinity and is nearing completion. It comprises about 700sq m of net lettable space and is fully leased.
Doig says there are two further office builds planned near 138 Lichfield Street.
“The gaps are steadily being filled in and the catchment will become even more vibrant, with additional housing development underway and once Te Kaha is completed it will be highly sought-after.
“Given the popularity of the area, we think this site could also appeal to owner-occupiers.
“The vendor had originally bought the land with plans to build their own premises there, but rapid growth and a change of direction mean they now need a bigger site on which to build.”
Since the earthquakes, there’s been intensive development in this part of the CBD, including the new Vodafone and Kathmandu headquarters, the seismic upgrade and refurbishment of the Dux Central building, the development of three large office buildings at the former McKenzie and Willis store site, and the restoration of the heritage Duncan buildings.
- Article supplied by Colliers
