Carter family sells Avonhead Shopping Centre in Christchurch
One of the most prominent families in Christchurch property circles is selling the popular Avonhead Shopping Centre in northwest Christchurch.
It is the first time the centre – originally built by the late Maurice Carter more than 50 years ago – has been offered for sale.
The complex has been redeveloped twice during the Carter family’s tenure; the last time was 23 years ago when the current centre was built.
Family spokesman Philip Carter says he and three of his siblings own the property but have now decided to pursue their own interests rather than continue with the centre.
“It’s a honey of a property, we’ll be sad to see it go. But we’ve decided it’s time for us to move on and open the opportunity for another owner to add further value.”
Maurice Carter made his mark on the northwest residential market during the 1970s, developing up to 500 sections between Memorial Avenue and the Avonhead Shopping Centre.
Son Philip continued that legacy, developing 500 sections in the Hyde Park subdivision, off Withells Road.
Located on the corner of Withells Road and Merrin Street, the centre is anchored by Countdown and has a further 18 tenants including a bakery, pharmacy, travel agent and the Merrin Street Brewery Bar.
Countdown has a redevelopment clause in its lease that provides for minimum terms that would take its tenure through until 2038.
Hamish Doig, Managing Director of Colliers International in Christchurch, is marketing the property in conjunction with Investment Sales Broker Courtney Doig.
It is offered for deadline sale closing at 4pm on Thursday 13 December.
Hamish Doig says Avonhead Shopping Centre had stood the test of time.
“Avonhead is a proven performer as a neighbourhood convenience centre. It has a real community feel about it and caters well to the surrounding higher socio-economic demographic.
“It’s a fantastic high-density catchment, and shopping centres like this continue to be strongly supported.
“There’s the opportunity for a new owner to make further enhancements, requiring less than $200,000 to bring it to 100 per cent of NBS.
“We think this will have strong appeal to private investors and syndicators.”
The 3,876sq m centre sits on a land area of 10,763sq m that includes 165 on site carparks.
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