The latest research from Christchurch Cityscope shows that commercial property sales’ value in Christchurch’s CBD has slightly decreased in the past three months.
For the three months to September 2019 there were 10 sales at a total value of $63.1 million, compared to the 10 sales at a total value of $64.2 million for the previous quarter. The latest data brings the twelve-month sale total to $178.6 million, a decrease from the previous 12 months when sales totalled $210.6 million.
The table below shows sales recorded for the past eight updates of Christchurch Cityscope:
Notable sales in the September 2019 update of Christchurch Cityscope include:
- Sudima Hotel Christchurch City and Knight Frank House at 374 Montreal Street
A two 4-storey building linked by a glazed atrium covered laneway. The 5-star hotel has 86 rooms, retail space and 13 car parks on ground level. The Knight Frank House consists of three office floors, one level of retail space and 9 car parks. The property was sold for $33.6 million;
- A block of 3,155 sqm land with a sculpture at 127-147 Armagh Street
Formerly contained multiple office and retail buildings of two to eleven levels, damaged in the earthquakes of 2010/2011 and later demolished, which was bought for $11 million; and
- Kaplan International College at 116 Worcester Street
Comprising nine levels including mezzanine and basement, and parking for nine cars, providing approximately 4,920 sqm, damaged in the earthquakes of 2010/2011, which was bought for $6.5 million.
Properties listed as for sale in the September 2019 update of Christchurch Cityscope include:
- Mid City Centre at 49-51 Lichfield Street
A large three-level retail building with car parking on the upper level, built in 2003 on a site of 2,053 sqm, which is for sale through Colliers International;
- 112-116 Cashel Street
A four-storey mixed use building comprising four retail tenancies of 420 sqm in total, five office tenancies of 1,239 sqm in total and a penthouse apartment of 249 sqm, completed in November 2017, which is for sale through CBRE; and
- 290-292 Montreal Street
A two two-level former houses converted to office and retail premises with car parking on site, which is for sale through NAI Harcourts Christchurch.
Leasing opportunities listed in the September 2019 update of Christchurch Cityscope include:
- 253-261 Moorhouse Avenue
A large two-storey building containing two retail stores plus office and storage space, with onsite parking for 83 cars, which has retail space ranging from 436 to 1,576 sqm available through Colliers International Christchurch;
- Iwikau at 93 Cambridge Terrace
A 5-storey L-shaped office and retail building, completed in 2017, which has office space of 1,354 sqm on level three available through Bayleys Canterbury Commercial; and
- 165 Gloucester Street
A 4-storey commercial building with retail space of 415 sqm on the ground level and 12 car parking bays, which has office space of 675 sqm on level one available through Colliers International.