The high-profile Public Trust Building, located in the heart of Christchurch’s thriving CBD, is being offered for sale by the vendors who meticulously strengthened and refurbished the trophy heritage asset.
Overlooking the Avon River, 152 Oxford Terrace is being marketed by investment specialists Mark Macauley, Marius Ogg, and Hamish Doig of Colliers Christchurch. It is for sale by deadline private treaty closing 5 June.
“This is an unrepeatable heritage asset, refurbished to the highest quality within an absolutely premium central city riverside position spanning 1,018sq m of land,” Ogg says.
“With multiple income streams spread across 13 tenancies, the underlying investment fundamentals are strong, with a mix of fixed rental increases and regular market reviews.”
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With over 97 per cent occupancy, larger tenants include Commonwealth Vault on a 20-year lease, WT, Fulton Hogan, and Mott MacDonald.
The property comprises two buildings designed by Christchurch architect Cecil Wood in 1922 and opened in 1925.
The main building comprises a basement, four levels of office accommodation, and a mezzanine level as well as the rooftop bar, Mr Brightside. To the rear is a three-level annex comprising multiple office tenancies.
Lying just to the south of the Public Trust Building is the thriving Cashel Mall retail precinct, The Terrace hospitality strip, and Riverside Market. To the north is Te Pae Christchurch Convention Centre and Noahs Hotel, which is being refurbished and repurposed.
Macauley says it’s exceptionally hard to buy property in the bustling Avon River precinct, let alone a beautifully refurbished heritage asset.
“The CBD is extremely tightly held by current investors. Only two similar sized office assets have sold in the central city during the past two years and owners are now sitting tight. While the CBD in other main centres is struggling, Christchurch is humming with office, retail, and hospitality tenants clamouring for prime sites,” Macauley says.
“We’re into the second wave of the rebuild now with multiple CBD office builds underway. Office vacancy remains at near record historic lows and new rental benchmarks are being achieved as businesses vie for CBD tenancies.”
The new Te Kaha multi-use arena, the jewel in the crown of the rebuild anchor projects, is on track for completion next year while the metro sports facility is expected to open later this year. Combined with Te Pae Christchurch Convention Centre, these projects are anticipated to add considerably to overall demand, further strengthening the appeal of the CBD.
Macauley says with Christchurch now popularly regarded as the most vibrant city in New Zealand, touted by its mayor as having potential to be a ‘mini Melbourne’, investors from throughout the country have returned to the market, especially as interest rates continue to soften.
“We have witnessed a strong increase in enquiry from investors looking for quality offerings. The Public Trust Building is an asset that ticks many of the underlying fundamentals investors are looking for.”
Business Canterbury recently released their quarterly business survey that consistently showed Canterbury’s economy was outperforming other major centres in New Zealand. According to the latest survey, 47 per cent of respondents expected the region’s economy to grow further in the next 12 months, and 51 per cent were positive about their own financial performance.
- Supplied by Colliers
