Shades Arcade, which has fallen from its heady heights of the 1980s to languish half empty, is set for a new lease of life.
Local investor Nick Hunt has bought the Christchurch arcade, which runs between Cashel and Hereford Sts, for around $5 million.
Hunt said that he is currently talking with the Christchurch City Council about his planned reinvigoration of Shades Arcade to ensure it works in with the central city revitalisation programme.
“When I moved to Christchurch in 1989 the Shades was vibrant and impressive. It was a real mecca. I’ve always had a soft spot for it and feel that, as a local person, I have a good feel for what is needed. I think it can really flourish with hands-on management.
“I will be working closely with the Council to ensure our plans are complementary with the current City Mall upgrade.”
Merv Davies, general manager of Colliers International in Christchurch, who handled the sale, said that the Shades Arcade needed local ownership to recpature its glory days.
“If you look along this strip of Cashel St, the majority of properties are locally owned with investors clearly seeing future potential for the area, which remains one of the prime stretches in Christchurch.”
Hunt said that the Council’s decision to run the tram along Cashel St was a compelling factor in his decision to buy Shades Arcade.
“This is a fundamental growth area of Christchurch. Once the revitalization is complete, I’m sure tenants will want to be there. Sure there’s a blip at the moment but that Cashel St stretch remains the heart of Christchurch.”
From its halcyon days when it first opened, Shades Arcade is now half empty with only one original remaining tenant. The site covers 1793m2 on two titles, with total net lettable area of 2477m2 and has 13 car parks.
Hunt’s investment company, Lichfield Holdings Ltd, also owns the neighbouring Old Weekly Press site and the refurbished Whitcoulls building, along with the Warehouse Stationery property opposite Eastgate.
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