Representing more than a tenanted investment, 385, 391 and 391a Madras Street provides a strategic opportunity to acquire a mixed-use landholding of scale with a myriad of future development options.
With significant annual income and a final lease expiry in circa four years’ time, this unique CBD offering presents remaining term certain to masterplan a large-scale, mixed-use redevelopment, or look to continue utilising the significant onsite improvements.
The site is located within walking distance to over $2.7 billion worth of government anchor projects and major landmarks, including the likes of One NZ Stadium, Te Pae Convention Centre, Cathedral Square, Hagley Park and the Central City retail precinct.
Operating as a Carters trade retail centre dating back to the 1960s, astute parties will recognise the ability to now consider alternative highest and best uses. Alternatively, a new owner could look to negotiate new lease terms with Carters or opt to use the existing highly functional buildings and yard space.
Key Investment Highlights:
- Final lease expiry in four years providing certainty of term and a unique master planning opportunity
- 1.3ha strategic CBD site of incredibly rare scale across three titles providing ultimate flexibility
- Mixed-use zoning providing a myriad of future development options
- Located in New Zealand’s most modern CBD - walking distance to over $2.7bn of government projects either under construction or recently completed
- Prominent high profile corner site with a massive 225 metres of dual frontage
- Excellent vehicular access north and south via Madras and Aberdeen Streets
- 5,451 sqm (approx) of post-earthquake upgraded improvements plus significant surplus yard providing value add potential
- $943,562 net annual rental from blue chip tenant – Carters
385, 391 and 391a Madras Street is being offered for sale by way of Deadline Private Treaty closing Thursday 19th September at 4:00pm NZST (unless sold prior).
