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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