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Flagship Investment Portfolio Opportunity
Media release for immediate use 24 September 2007
Flagship Investment Portfolio Opportunity
Three street frontages, three established tenants, eleven titles and an extremely high profilecentral Christchurch site … that’s the property package which has just gone to the market for sale by tender.
The property at 220 Moorhouse Avenue, 120 Orbell Street and Durham Street South is home to Animates, Bedpost and soon will be the new home of Hunter Furniture Limited.
Marketing agents Peter Cook of Simes Limited and Brent Bailey of Colliers International say this is a flagship portfolio investment opportunity.
“The
investment market is short of high profile commercial and
retail investments. This property will appeal to investment
funds, investment syndicates and high net
worth
investors, as medium to longterm holds ,” says
Peter Cook.
“The value is underpinned by the extremely
high land value, which is eleven titles totaling 9,774
square metres of land in one of the highest profile
destination retailing
address in the city.
“Two
tenants have been there for some time and the third, Hunter
Furniture Limited, is in the process of refurbishing its new
premises inside and out, in preparation for its move
from
Riccarton Road to Moorhouse Avenue.
“Though the current tenants have long term leases, when those expire in 10 to 15 years’ time, there will be the opportunity for re-development of the site too.
“There is no finer investment of its type available,” says Peter Cook.
The
property is at 218-220 Moorhouse Avenue, between the
intersections of Durham Street and Orbell Street, on the
southern fringe of the inner city business precinct and
at
the convergence of the one-way traffic system.
It is
a broadly rectangular-shaped parcel of land and is zoned
Business Retail Park, anticipating uses such as large format
centres predominantly accessed by car. The
property has
155 onsite car parks.
The current revenue from the property is in excess of $735,000 per annum. Tenders close at 4pm on October 25.
ENDS
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