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Under pressure Christchurch RSA finally on the market

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Financial woes have finally forced the beleaguered Christchurch Memorial RSA to sell its new inner-city premises.

Opened in 2015, the Warren and Mahoney designed building replaced the 1920s headquarters damaged in the earthquakes. It is believed to be the last remaining metropolitan RSA in New Zealand.

The $5.8 million premises are listed for sale by investment brokers Noel Gilchrist and Philip Cooper of Colliers. It is for sale by deadline private treaty, closing June 24.

The 74 Armagh St property has been beset by problems for the past 18 months. Its Trenches bar and restaurant, which sought to lure a new generation of members, closed its doors in late 2019 because of dwindling patronage.

Christchurch RSA Holdings Ltd went into liquidation last January, owing a substantial amount to creditors.

Dennis Mardle took over as president of the Memorial RSA last October.

“We are under significant financial stress so there is a definite need to sell to be able to alleviate our position.”

Mardle says no decision had been made on where the Memorial RSA would be housed once the building is sold.

“Until we get the money in the bank, we can’t make any decisions.”

Zoned Commercial Central City Business Zone, the building has a total floor area of 1246.70 sq m including a 34.70sq m balcony and courtyard of 216.50sq m. It sits on 942 sq m of land.

Gilchrist says it will be sold with vacant possession, enhancing the attraction for prospective buyers.

“Given the current predicament, we the RSA will consider all offers in a bid to improve their financial position and allow their membership to make future plans.”

Cooper says the building has wide appeal.

“It’s an absolute stunner and lends itself to a wide range of uses. We think it has great potential for multiple tenants or is ideal for an owner occupier. It’s also suitable for complete conversion.”


Related Experts

Noel Gilchrist

Investment Sales Broker

Christchurch (Agency)

Noel is working collaboratively with many landowners to create larger inner city land holdings which allow for larger scale developments. In inner city Christchurch he has transacted many bare land sites in the past three years. These include 135 Hereford St, 139 Hereford St, 60 Cashel St, 59 Cambridge Tce, 77 Gloucester St, 254 Montreal St, and the RSA site.

Strengthening Noel’s investment sales expertise is his extensive experience in office leasing. His in-depth understanding of leases and lease structures help to realise the potential of properties for purchasers.

View expert

Philip Cooper

Investment Sales Broker

Christchurch (Agency)

Philip has built a long and impressive record in commercial sales and the hospitality and accommodation sectors. He enjoys excellent relationships with all levels of the business community. His business career extends over 30 years in the hospitality and the property sector and owning businesses in Christchurch. 

Philip’s experience and relationships enable him to inter react readily with all clients. He has achieved numerous notable transactions over the years, including: South City Mall $46.0m; and EntX, 527 Colombo St $48.0m. He continues to represent many long term clients and is fully aware of the current market place, both nationally and locally. His experience is an asset to any intending buyer or seller in all sectors of the commercial market.

View expert