The latest research from Christchurch Cityscope shows that commercial property sales’ value in Christchurch’s CBD have significantly decreased in the past three months.
For the three months to March 2019 there were 7 sales at a total value of $13.1 million, compared to 13 sales at a total value of $36.9 million for the previous quarter. The latest data brings the twelve-month sale total to $209.2 million, a decrease from the previous 12 months when sales totalled $212.7 million.
The table below shows sales recorded for the past eight updates of Christchurch Cityscope:
Notable sales in the March 2019 update of Christchurch Cityscope include:
- Part of the City Care JFC JV site compound of 6,304 sqm for The One Central development project at 208 Hereford Street, which was awarded to City Care JFC Joint Venture, was bought for $3,787,800;
- Bradley Nuttall House, formerly KSL Financial House, at 79 Cambridge Terrace, a seven-level office building with balconies around the upper levels which undergone some structural damage during the 2010/2011 earthquake, was transferred to a related party at $3 million; and
- Vacant land on a 362 sqm site at 87 Victoria Street, which was bought for $1.5 million.
Properties listed as for sale in the March 2019 update of Christchurch Cityscope include:
- Vacant land at 161-163 Kilmore Street
With a total site area of 1,571 sqm are offered for sale as two separate parcels (one of 1,156 sqm on Kilmore Street and a small 412 sqm site on Manchester Street) through NAI Harcourts;
- 24 New Regent Street,
Part of a street of two-level shops designed in the Spanish Mission style by H. Francis Willis in 1932 on the site of the former Colosseum building whereby the title is subject to a right of way on foot only, for sale through NAI Harcourts;
- 231 High Street
A two-level office building with retail on the ground floor. Damaged in the earthquakes of 2010/2011 and extensively renovated and strengthened in 2017, on a site of 899 sqm, for sale through Colliers International and Savills; and
- 48-52 Peterborough Street
A car parking site of 1,829 sqm available through Colliers International.
Leasing opportunities listed in the March 2019 update of Christchurch Cityscope include:
- 299-303 Durham Street North
A four-storey commercial building built in 2015, which has office space ranging from 200 to 832 sqm on level 1 available through Colliers International;
- Grand Central Building at 141-161 Cashel Street
A 6-level office building built in 2017 with retail tenancies on ground level comprising of building area 4,450 sqm and typical floor area of 2,250 sqm, which has office space ranging from 415 to 4,464 sqm available through JLL Christchurch; and
- Lincoln House at 79-81 Lichfield Street
A four-level building with retail at ground level and office spaces above which was extensively refurbished late 2017, has retail space ranging from 117sqm and 194 sqm, office space ranging from 15 to 1,300 over 3 levels available through Bayleys Canterbury - Commercial.