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News Release

Christchurch

Fast sell predicted for retail development site


 

 

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​After a swift change of hands for the 5,766 sqm ripe parcel of land at 392 Moorhouse Road, Sydenham, commercial property specialists JLL are predicting another rapid sale for their even larger piece of land next door at 386 Moorhouse Avenue and 1 Pilgrim Place. 

JLL brokered the sale of 392 Moorhouse Avenue in record time, after launching a successful marketing campaign in September last year and concluding the sale by December to a private retail developer with plans for a bulk retail development. JLL’s head of agency, Chris Harding along with commercial sales broker, Anton Ritani are now launching yet another extensive marketing campaign on behalf of Grand Limited for the sale of prime land at 386 Moorhouse Avenue and 1 Pilgrim Place, Sydenham, Christchurch. This site is to be sold by way of tender closing 4pm Thursday 30th April 2015.  The two sites located at 386 Moorhouse Avenue and 1 Pilgrim Place combined offer a total of 11,435 sqm or 1.2 hectares of land ripe for retail development.

Chris Harding says, “Grand Limited holds consents for comprehensive redevelopment plans which include a Cinema Multiplex, a 1,000sqm retail centre and a 15 storey hotel which will further enhance the attractiveness of the area and drive traffic to the site.”

Harding continues, “There is strong occupier demand for a limited amount of retailing stock in Christchurch which is resulting in a number of developments in the pipeline and an improving retail sector. The chance to invest in a location within surrounding high-profile retail outlets, at a time when vacancy levels remain low is one not to be missed.”

Anton Ritani says, “With numerous retail development built post-earth-quakes, Moorhouse Avenue has since transformed into a popular retail destination in Sydenham and become one of Christchurch’s most recognisable addresses. The opportunity to purchase an iconic site like this with excellent retail development predetermined is unsurpassed.”

The new owner of this unique opportunity has the option to build a bulk retail development that is boosted by its surrounding high profile tenants which include Countdown, Pak n Save, McDonalds, Burger King, Denny’s, Harvey Norman, Cockram Nissan and Kia. 
The site was first built in the 1960’s as part of the Central train station before becoming a multiplex cinema. Post-earthquakes this site has since become a total of 11,435sqm of prime land ripe for bulk retail development. 

The property is located to the Southern side of Moorhouse Avenue between the intersecting roadways of Pilgram Place to the west and the highly trafficked Gasson Street to the east. It is zoned ‘Business 3B’ making it suitable for retail and commercial developments that will act as a transitional buffer between the mixed industrial activity and the medium density inner city housing areas. This iconic site has excellent development potential for a return on investment. JLL anticipates this unique opportunity will attract a variety of interest including developers, owners, syndicators and educational facility operators.