News

The receivership sale of 343 Moorhouse Ave in Christchurch, adjacent to the bustling Countdown and Burger King complex, is a huge and unusual opportunity for prospective purchasers.

Colliers International has been appointed by receivers KPMG to sell the high profile property, which is owned by Australia’s Letton Group. The adjacent supermarket complex was successfully syndicated by Ocean Partners last year.

Brokers Dick Thomas and Merv Davies said there is a huge opportunity for prospective buyers to add value by completing the 1760m² building, which also has 31 car parks.

“In our combined experience we have never before marketed a partly completed building like this. It’s a most unusual situation – all the time consuming work has been done and it can be finished in a matter of weeks.

“All planning issues have been satisfied, titles issued, and the building structure is almost completed. This will appeal to investors who understand the time and money complexities that are involved in getting a development to this stage.” Thomas and Davies said there was also a renewed building consent in place.

They said that the building is in sound condition following the Canterbury earthquake and has been given the green light by structural engineers. “Before the earthquake structural engineering reports were usually at the discretion of the purchasers but now it’s mandatory to meet insurance and funding requirements. We’re finding that modern buildings are being keenly sought by investors in the wake of the earthquake and this certainly fits the criteria.”

The building is nearby Christchurch Polytechnic and has 400,000 cars passing its doors every week. Ground floor retail space covers 700m² with first floor office of 1100m².

343 Moorhouse Ave is being auctioned on Tuesday, December 14.