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Under pressure Christchurch RSA finally on the market

Christchurch RSA finally on the market 9 June 2021

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 will allow for larger scale developments. In the Christchurch inner city 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.

Noel’s investment sales expertise is backed by many years in office leasing. This combined experience gives him an in depth understanding of leases and lease structures, helping to realise the potential of properties for purchasers.

View expert

Philip Cooper

Investment Sales Broker

Christchurch (Agency)

I have been with Colliers International for 13 years. I have previous experience in the property and hotel industry.

View expert