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Hornby Clocktower site set to change hands

Hornby Clocktower site set to change hands  hero

For the first time in 15 years, the high-profile Hornby Clocktower site in Christchurch is being offered for sale.

On the corner of Main South Road and Brynley Street, the property is the site of the former iconic Hornby Clocktower building that marked the southern entrance to Christchurch for more than 50 years. It was built by Don Donnithorne in the 1960s and was home to the Central Canterbury Electric Power Board.

Family-owned investment company Epoch bought the property in 2005. The company completed a full refurbishment in 2010 – just three months before the February 2011 earthquake. The building was demolished in 2014.

Epoch has subsequently redeveloped the site into a mixed-use complex, naming it the Clocktower Centre in a nod to the past. It comprises four main buildings with a total of 11 tenancies including fast food chain Carl’s Jr (operated by publicly listed entity Restaurant Brands), Snap Fitness, Australian retailer Godfreys, Oil Changers and a host of other businesses.

Marketed by Nick Doig and Ben Dwan of Colliers International in Christchurch, the Clocktower Centre is for sale by deadline private treaty closing October 22.

Doig says the tenants range from retail and office to a vehicle workshop, providing a spread of risk as well as various lease terms, renewal options and a mixture of rent reviews.

Property in the Hornby retail precinct is extremely tightly held among only a few major owners.

“The last sale in this catchment was the land across the road for the new Mitre 10 Mega,” says Doig.

“The area has undergone such a transformation since the earthquakes prompted a huge shift to the southwest post-quake. Since that time, the residential developments in this area have rapidly expanded in the likes of Wigram but also neighbouring Aidanfield, and Longhurst, and further out to Rolleston.

“To service that growing population, Hornby’s retail has substantially expanded and remains in hot demand.”

The Clocktower Centre forms part of a broader, complementary shopping destination creating a critical mass of retail for the immediate catchment.

Retail offerings include The Hub Hornby, Dress-Smart Hornby, Countdown and the Hornby Mega Centre which is anchored by Mitre 10 Mega and Harvey Norman with a range of other top branded medium format retailers.

Dwan says good quality stock of this calibre is in short supply.

“There is a real lack of quality multi-use assets in the market at present and this one has the benefit of rental upside and possible further development, all the while being anchored by some key national tenants. This ticks all the boxes of great investment fundamentals.”

Located some 11km west of the Christchurch CBD and 7km south of Christchurch International Airport, Clocktower Hornby sits on a 10,299sq m site with net lettable area of 3,115sq m. It will have a passing rent of $704,091 as at December 2020.

Related Experts

Nick Doig

Director of Retail

Christchurch (Agency)

Nick is one of the leading retail real estate specialists in Christchurch and the greater Canterbury region, leasing over 100,000m² of space and negotiating more than $140m in retail property sales. He works meticulously with landlords to identify appropriate tenants and has unrivalled expertise in coordinating tenancy mix within developments.

Nick is intimately involved with several projects in the Christchurch CBD, including spearheading the marketing of several significant specialty retail projects in Cashel Mall. He has also been instrumental in many substantial leases in the large format sector. His most recent activity in this area includes leasing Briscoes and Rebel Sport at Northlink Centre in Papanui; the new Briscoes store in Rangiora; and project leasing multiple centres throughout Canterbury.

One of Nick’s more notable transactions is the sale of South City Shopping Centre in central Christchurch in 2018 for $46 million

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Ben Dwan

Industrial Broker

Christchurch (Agency)

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