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Developer Of Kathmandu Building To Sell Off The Plans
Developer of Kathmandu building to sell off the plans
The developers of the new $20 million Kathmandu head office building in Christchurch’s Innovation Precinct are selling the property off the plans as they did with the adjacent $50 million Vodafone building.
Kew Innovation Ltd bought the high profile site on the corner of Tuam and Madras Sts in 2013, and is developing it for Kathmandu. The three level building is immediately adjacent to the new Vodafone development and will have a total net lettable area of approximately 4500m2. Total rent will be $1.597 million.
The head office, which will house up to 300 Kathmandu staff, will be finished in early 2016 with a certified 5 Green Star Design and Built rating. Kathmandu has a 10 year lease in place, effective 2016, with rights of renewal.
Jonathan Lyttle, general manager of Colliers International (agency) in Christchurch, said Kew was a developer and had always intended to sell the design build once a long-term tenant was in place.
“Kew develops high end buildings on the tenant’s behalf, attracting investors once all of the development fundamentals are agreed and programmed. Kew’s development managers, SD4, are well known throughout New Zealand for their work on many premises for corporate occupiers. After the success of the Vodafone sale to private high net worth investors, we expect the Kathmandu building to be similarly keenly sought.”
The property, for sale by deadline private treaty closing October 10, runs from 223-231 Tuam St and covers 2055m2.
The Kew group of companies, have previously completed over $200 million of developments for corporate companies throughout New Zealand. These have included three other Christchurch developments since 2011: 55 Shands Rd Hornby; 394 McLeans Island Rd, Harewood; and 323 Madras St, Christchurch city. Kew has also facilitated the Vodafone Christchurch project, being delivered in partnership with Calder Stewart. It is allied with SD4, a property consulting and development management service with an emphasis on the commercial property requirements for corporates.
The Innovation Precinct covers approximately 3.6 hectares in the south-east corner of the Urban Frame and is located within three city blocks bounded by Lichfield, Manchester, St Asaph and High Sts. It brings together businesses and innovators alongside residential, retail, hospitality and cultural institutions.