Post-quakes Christchurch building for sale

5:06 PM Friday July 20, 2018 True Commercial

The two-level retail and office block, at 323 Madras St, on Christchurch’s city fringe. Photo / Supplied

A fully tenanted low-rise Christchurch building, which has been constructed post the Canterbury earthquakes, is being marketed by agents as an excellent long-term investment opportunity.

Located on the city fringe, on the corner of Madras and Peterborough Sts, the two-level retail and office block was built in 2013.

Colliers International brokers Courtney Doig and Will Franks are marketing 323 Madras St for sale by deadline private treaty closing at 4pm on August 9, unless sold earlier.

“It’s a great opportunity for an astute investor looking for a high-yielding asset with the added advantage of being post-earthquake,” says Doig.

“This area of the city fringe is rapidly improving and has undergone significant redevelopment since 2011.

“The completion of several large buildings within the immediate vicinity, including Victoria St Precinct, has cemented the area as a key office and hospitality location.”

The 1384.6sq m building is on a 1848sq m corner site on two freehold titles.

Mainland Design Centre occupies the ground floor and Calibre Engineering leases the first-floor office. The total net annual rental is $546,548.

Franks says the 44 on-site car parks are a key attraction of the building.

“It’s unusual for a city building to have such good car parking, particular post-earthquake. It’s a real luxury.”