The latest research from Christchurch Cityscope shows that commercial property sales’ value in Christchurch’s CBD has increased significantly in the past three months.
For the three months to September 2020 there were 16 sales at a total value of $156.7 million, compared to the 7 sales at a total value of $10.9 million recorded in the three months to June 2020, and the 11 sales at a total value of $35.6 million for the previous quarter. The latest data brings the twelve-month sale total to $216 million, an increase from the previous 12 months when sales totalled $180.4 million.
The table below shows sales recorded for the past eight updates of Christchurch Cityscope:
Notable sales in the September 2020 update of Christchurch Cityscope include:
- Manawa at 10 Oxford Terrace, a 7-storey Health Research Education facility, completed in 2018 at an estimated cost of $26 million with major tenants on a 30-year lease, was bought for about $80 million in a deal handled by CBRE;
- InnoV8 at 213-221 Tuam Street, a purposely built 5-storey facility for Vodafone, comprises 4 levels of office space, a Vodafone concept store and a cafe on the ground, with a building area of 8,900 sqm, completed in July 2016, which was bought together with the 999-year leasehold interest of 141 car parking lots in the Innovation Carpark at 160 Lichfield Street, a 14-storey car parking building for 359 cars with seven ground level retail tenancies, completed in June 2016, for $58.65 million; and
- Former Lawrie and Wilson Auctioneers Building, a 2-storey Oamaru stone facade building with ornamented Edwardian detail of the upper floor, built in 1912 with a building area of 400 sqm; the former Tuam Street Hall at 214 Tuam Street, a two-storey building, with an Italianate stone facade built in 1883 and 113-125 Manchester Street, a block of 759 sqm vacant land were bought together for $2.95 million through Colliers International.
Properties listed as for sale in the September 2020 update of Christchurch Cityscope include:
- 130-136 Tuam Street, a two-storey retail building and a single-storey retail building with total lettable area of 1,900 sqm and a parking area for 20 cars on a site of 1,745 sqm, which is for sale through Cowdy;
- 52 Kilmore Street, a block of 938 sqm land used as a car park, which is for sale as a development site through Savills; and
- Unit 3 at 69-71 Gloucester Street, a 101 sqm office suite on the first floor of a three-storey commercial building, which is for sale through Bayleys.
Leasing opportunities listed in the September 2020 update of Christchurch Cityscope include:
- 253-261 Moorhouse Avenue, a large two-storey building containing two retail stores plus office and storage space along Moorhouse Avenue and car parking on the site, which has retail space ranging from 436 sqm to 1,576 sqm available through Colliers International Christchurch;
- Iwikau at 93 Cambridge Terrace, a 5-storey L-shaped office and retail building, part of the Pita Te Hri Centre, completed in 2017, which has office space ranging from 426 sqm to 1,383 sqm on level 3 and retail/office space of 232 sqm on ground floor available through Bayleys Canterbury – Commercial; and
- 56-62 Victoria Street, a 3-storey commercial and retail building with ground floor food court, completed in late 2019, which has office/retail space of 1,076 sqm available through Bayleys Canterbury – Commercial.