The opportunity to acquire a genuine trophy property holding and a rare piece of Christchurch’s heritage is on offer, with the sale of the refurbished Public Trust Building on the banks of the Ōtākaro Avon River via exclusive agents CBRE.
The grand neoclassical-style building, which was completed in 1925 for the Public Trust Office, was damaged in the 2010-2011 Canterbury earthquakes and has since been strengthened and completely refurbished by its owner, local property investor Box 112.
Regarded as an iconic and precious masterpiece following the loss of more than half of Christchurch’s heritage commercial buildings during and after the earthquakes, CBRE is presenting the extremely rare opportunity to the open market to acquire not only a cherished piece of Christchurch’s heritage, but also a quality, 100% occupied office building in a highly sought-after riverfront commercial location in the CBD.
CBRE Christchurch managing director Tim Rookes is leading the international deadline private treaty marketing campaign, which closes at 4pm on Thursday 25 November, alongside senior broker Cameron Darby and CBRE’s Australasian Capital Markets team.
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The five level office building, which also features a highly popular rooftop bar, Mr Brightside, has been the talk of the town since it emerged from its refurbishment late last year, says Rookes.
“The Public Trust Building is an absolute showpiece on the riverfront in the centre of Christchurch. It has real wow factor which makes people stop and admire its ornate facade and gilded coat of arms. Mr Brightside on the rooftop is also a fantastic spot to sit with a drink and watch the sun go down.”
Aside from its visually striking design and immense historical significance, the building is also a high quality office asset in a prime position on the Ōtākaro
Avon riverbank just north of The Terrace, Christchurch’s buzzing riverside hospitality precinct, Rookes says.
“Following the earthquakes the riverside office precinct has emerged as a dress circle location of choice for office occupiers. Riverfront assets have always displayed a history of low vacancy compared with the wider Christchurch CBD, and the Public Trust Building also benefits from the rental premium which heritage buildings command,” he says.
“Combined with the Public Trust Building’s heritage status and skilful refurbishment, these factors mean it will always be a sought-after option for tenants who demand the prestige of a riverside address and prefer the uniqueness and beauty of heritage space over newly-built offices.”
For buyers looking at the opportunity to purchase the Public Trust Building, which are likely to include national property funds, syndicators and high net worth individuals/family offices based in New Zealand and offshore, the building will be considered much more than just an office asset, says Darby.
“The Public Trust Building presents a once-in-a-lifetime opportunity to secure a trophy heritage building and a Christchurch icon which encapsulates the city’s history and future. You can’t build heritage, so this will be considered an entirely unrepeatable opportunity in New Zealand’s most modern and technologically advanced city.”
Its attributes – both fundamental and emotional – will appeal to the ever-active property syndication groups and high net worth buyers who will appreciate its uniqueness and scarcity, Darby says.
“As one of a significantly-reduced number of remaining historic commercial buildings in Christchurch, the Public Trust Building is loved by residents and important to the social fabric of our city. A grand old lady approaching her 100th birthday, this stunning building captures the romance of days gone by, while also being an important part of the future of Christchurch.”
The building contains 2194sqm of predominantly character offices over five levels. It is home to a variety of tenants including skincare company Jeuneora, Commonwealth Vault, award winning architects Architectus, recruitment firm Graham Consulting, multinational businesses Mott MacDonald and Fulton Hogan, and local creative agency Choir Brand Management.
On the top floor, Mr Brightside is one of only two rooftop bars in Christchurch and captures extensive views over the Ōtākaro
Avon River, central city, Hagley Park and the Southern Alps, as well as welcoming the public to experience and appreciate the newly-refurbished building.
The striking gilded coat of arms frames a grand entrance featuring a restored timber revolving door, built in 1919. The building’s lobby, with its soaring, ornate 6m high ceiling, showcases a beautiful restored terrazzo floor, along with the original steel-framed elevator and grand stairwell, says Rookes.
“Along with the seismic strengthening work and renovation of the show-stopping façade, the interior of the building has also been meticulously refurbished, with no stone left unturned in the achievement of highly attractive character space which also boasts modern flexibility, superb natural light and a spectacular outlook.”
Steeped in history, the Cecil Wood-designed building has witnessed the passing of several generations; a constant presence on the riverbank through key eras in Christchurch’s and New Zealand’s history including the Great Depression, the Second World War and the Canterbury earthquakes.
Wood, who was one of Christchurch’s most celebrated architects, devised a truly grand design intended to represent permanence, stability and security to the people of Christchurch as the city shrugged off the horror of the Great War. Its pared-back neoclassical style was common in government buildings worldwide at the time.
On completion of the Public Trust Building, notable architect and town planner Samuel Hurst Seager said “it strikes a new note in Christchurch.”
The building was seismically strengthened in 2009, an investment which ensured it remained standing (although significantly damaged) following the earthquakes. It was later threatened with demolition before being purchased by Box 112 for restoration in 2017, Darby says.
“Box 112’s purchase of the building signalled a new era and a rebirth for the Public Trust Building, amid the large-scale rebuild activity taking place in the immediate surroundings. They have achieved a magnificent outcome which places the building in an excellent position for its next 100 years.”
- Article supplied by CBRE
