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News Release

Christchurch

Ex-cinema complex on Moorhouse Ave sells to local Christchurch investors​​


 

 

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386 Moorhouse Ave and 1 Pilgrim Pl Chch.jpg

Moorhouse Avenue, just south of the CBD, has become one of Christchurch’s most recognisable addresses since transforming into a popular retail destination. JLL commercial sales and leasing agents Chris Harding and Anton Ritani have concluded yet another solid property sale on the highly-sought Moorhouse Avenue.

Following an extensive marketing campaign on behalf of Grand Limited, Harding and Ritani sold the two sites located at 386 Moorhouse Avenue and 1 Pilgrim Place, Sydenham, Christchurch by way of tender. 

386 Moorhouse Avenue and 1 Pilgrim Place offer a total of 11,435 of land ripe for retail development and combined with their recent sale of 392 Moorhouse Avenue, Harding and Anton have clinched circa $11 million in property sales of over 1.6 hectares of developable land. 

Harding says the site attracted a variety of interest including developers, owners, occupiers and syndicators plus educational facility operators due to its excellent development potential for a return on investment.

“These blue chip development property opportunities are no longer a daily occurrence in Christchurch and with office workers returning to the CBD early in the New Year we expect to see a wave of retail options sparring for space to service” says Harding.

Grand Limited held consent for a comprehensive redevelopment plan on the site which included a Cinema Multiplex, a 1,000sqm retail centre and a 15-storey hotel. The new owner of the unique opportunity has plans 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.

Ritani says, “The Moorhouse Ave corridor is fast becoming a key retail location with access both to the southern suburbs of Christchurch as well as being on the doorstep of the CBD. This iconic site is gold and we can only say – watch this space.” ​

The site was first built in the 1960’s as part of the Central train station before becoming a multiplex cinema. 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.