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Distinctive Welles Street retro building in Christchurch well positioned for sale

Distinctive Welles Street retro building in Christchurch well positioned for sale

Box 112 is divesting one of its Christchurch properties within its large portfolio and is seeking new opportunities.

The property, one of the company’s first developments, is the building housing the iconic Welles Street bar at 44 Welles Street.

Box 112 has been instrumental in transforming South Town, the south end of Christchurch CBD left largely standing after the earthquakes, into a quirky and vibrant precinct with unique offerings. Some of their recent developments on the street include the design school Yoobee, the Welder and the Grow Active childcare centres.

The property, which began its life as a grocery distribution centre, is being marketed by Mark Macauley and Will Franks of Colliers in Christchurch and is set for auction on March 4.

“This is a rare opportunity to buy a fully restored and strengthened building with a long-term lease located in one of the coolest locations in Christchurch. The mix of residential and commercial activity in the area sets this eclectic area apart from the more traditional city centre,” Macauley says.

“Aptly named for its position at the bottom edge of the CBD, South Town walks very much its own path in Christchurch.

“Made up of a collection of boutique cafes, bars and work spaces, the area has seen a massive renewal in the last few years with an ambitious group of young owner/operators flocking to the area to combine forces and bring a bit of quirk to the centre city’s southern suburb.”

Welles Street is also a short distance to the central retail precinct and other key Christchurch Central anchor projects.

The 599sq m building, with its distinctive facade, is leased to hospitality operator Campbell Fields & Co on a 12-year term.

Box 112 director Rob Farrell says the company has been busy in Christchurch.

“We are firm believers in Christchurch and see the 2020s as Canterbury’s decade.

“Although most of our larger developments are completed, we still have lots we want to do. 44 Welles has been good to us, but you can’t keep them all. The good thing about this property is its simple to manage, is in an area with still plenty of growth to come, is 100 per cent of building code and has a long lease to a good tenant. For an investor is ticks a lot of boxes”

Buying the property is 2016, Farrell said Box 112 was attracted to Welles St and its potential. “Having 100 apartments built next door by Fletchers was a driver; South Town’s Welles St really has become its own little inner-city suburb.”

Related Experts

Mark Macauley

General Manager

Christchurch (Agency)

Mark is a high achieving investment broker specialising in investment sales and has negotiated in excess of $1.3 billion of sales both in Canterbury and throughout New Zealand. He has been instrumental in some of the biggest commercial property transactions in the South Island.

Mark’s extensive national network of institutional clients, family trusts and high net worth individuals are always seeking opportunities in the commercial property market. He is a partner and general manager of Colliers International in Christchurch and was previously managing director of CBRE locally for 12 years.

Recent major transactions include: the former Police Station at 68 St Asaph Street ($24.7m); Opus House, 12 Moorhouse Ave ($37.5m); Westpac, 7 Show Place ($14.5m); 282 Durham St (confidential); and 124-140 Kilmore Street ($25.2m).

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Will Franks

Investment Sales Broker

Christchurch (Agency)

Will Franks is involved in all aspects of investment sales in Christchurch. He has recently moved from retail leasing, where he worked on bulk retail projects through to substantial inner city developments as part of the new 8ha CBD retail precinct. Will hails from a valuation background, having previously worked with the Colliers Valuation teams in Christchurch and Wellington. He is a former research analyst with the agency team and has a B.Com (Marketing) from the University of Canterbury and a post graduate diploma in valuation from Lincoln University. Will has excelled as a commercial sales and leasing broker, building a track record of successful lease negotiations and investment sales. These include: 26 Belfast Road; BP acquisition; More Mobility; Hannah’s Footwear; NZ Safety; Foodstuffs site acquisition; Bedpost; 1-5 Amyes Road retail centre; and 105 Blenheim Road. Further transactions and market evidence available on request.

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