Nick Hunt, the Christchurch investor who recently bought Shades Arcade, has put the final piece of his jigsaw in place by buying the neighbouring property in Hereford St.
Hunt now owns a block of four properties spanning Cashel Mall through to Hereford St. He bought the Old Weekly Press Building in 2002 (which backs on to his new acquisition), added Whitcoulls in 2003, followed by the Shades and now Exchange House at 112 Hereford.
Investment broker Craig Thiele, of Colliers International in Christchurch, said the property was in demand at the recent auction where it sold for $2.6 million.
“Buying Exchange House gives Nick the opportunity to open up that Hereford St end of Shades Arcade again and to create a much more vibrant feel. Council plans within the next three years to upgrade the western side of Hereford St - from Colombo St through to Oxford Tce – will really complement what Nick is working to achieve.”
Preliminary discussions are now under way with planners to open the Hereford St end of Shades Arcade through Exchange House, as originally designed. Hunt has earmarked the space for a bar/restaurant with access to an open courtyard at the rear. Daytime entry would be through both Cashel Mall and Hereford St with the Arcade closed off at night.
“It’s taken seven years to fit the puzzle together but it’s been worth the wait. This end of town has so much going for it and the move to put the tram down Cashel Mall will really give the central city revitalisation a huge boost.”
The four buildings in Hunt’s CBD cache are almost fully tenanted, apart from space above Sony in Cashel Mall.
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