Caxton Press for sale ‘as is where is’
The Caxton Press building in Victoria St is being sold ‘as is where is’ in another chapter in the changing face of the bustling precinct.
Caxton Press will shift from the city to a new design build at Ngāi Tahu Property-owned Wigram Business Park, south-west of the city. Managing director Bruce Bascand said the 79-year-old company wanted to own, not lease and that Victoria St was “no longer the place for a factory.”
Jonathan Lyttle, general manager of Colliers International (agency) in Christchurch, said Caxton had settled with its insurer and opted for a design build to better cater for its growing needs. Caxton was previously housed in two buildings at 113 Victoria St but the heritage building had to be demolished after the September 2010 earthquake.
The property is zoned Central Business Zone (CCB), which permits a wider range of activity up to a height of 28m. Office, residential and ground floor retail uses are permitted.
“It would be up to any buyer to undertake a full feasibility study to estimate the cost of repairs.
“This is a fantastic site, with access also onto Salisbury St, and we think developers will be keenly interested in this opportunity of an ‘as is where is’ in Victoria St. We believe there will be significant interest in the property due to its unique nature and prime positioning. Recent experience with the sale of this type of property has revealed strong interest from potential purchasers who see value in retaining existing damaged buildings to repair.”
The property is in two titles with land areas of 766m² and 145m² respectively. It will be auctioned on 9 October 2014.