A backpacker’s premises for sale in central Christchurch will lend itself to a multitude of different options under new ownership.
Located at 273 Manchester Street, the property is being marketed by Investment Sales Brokers Philip Cooper and Michael Lough of Colliers Christchurch and is for sale by deadline private treaty, closing 13 October, unless sold prior.
Sitting beside popular cafe Child Sister, the 1,890sq m building is within close walking distance of the planned Canterbury Multi-Use Arena known as Te Kaha and the recently opened Te Pae Christchurch Convention Centre.
The two-level building has an 18m frontage onto Manchester Street and sits on 880sq m of land.
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It accommodates 150 beds and features a large commercial kitchen. Zoned Commercial Central City, it has approximately six ground level car parks at the rear.
“It operates as a successful backpacker and budget accommodation business that survived Covid-19 and is currently experiencing strong bookings, making it attractive to investors or operators in this space,” Cooper says.
Lough says the property is equally suited to a variety of redevelopment options, including transforming the premises into upstairs offices and ground floor retail.
“With more and more businesses wanting to return to the Christchurch CBD, office vacancy in this B-tier is extremely low, especially in such a central CBD position.
“Alternatively, it would make ideal accommodation for the large workforce needed during Te Kaha’s construction.
“The location of this building is key. It’s on the back doorstep of the Christchurch Cathedral, and Turanga library, close to the historic New Regent Street and near many of Christchurch’s vibrant retail offerings such as the Riverside Market, The Crossing, ANZ and BNZ Centres, and The Terrace hospitality strip.
“It sits directly opposite the East Frame where the development of a central city residential zone continues and is becoming well established.”
Cooper says the chattels of the current business are not included in the sale but could be negotiated separately with a buyer.
The building was earthquake strengthened and extensively refurbished in 2015.
- Article supplied by Colliers
