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News Release

Christchurch

Retail asset leased to Winnie Bagoes goes up for sale

An extensively modernised and refurbished single storey property at 153 Madras Street in Christchurch, leased to well-known gourmet pizza restaurant Winnie Bagoes, has come to the market to transact.


 

 

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153 Madras Street Christchurch.jpgJLL’s Commercial Sales and Investment Agent Chris Harding is marketing the property for sale and requesting tenders to be in by 4pm Tuesday 15th September 2015.

Harding says, “At present there are limited options available for sale in the retail sphere in Christchurch’s CBD so we expect this property to be in high demand.”

The property, which is approximately one kilometre to the south east of the city core, is of 100% New Building Standards and located on the prominent corner site of Madras and Allen Street directly across from Christchurch Polytechnic Institute of Technology and within the redeveloped Christchurch central business district. 

Harding adds, “The property is conveniently located adjacent to Christchurch Polytechnic Institute of Technology and close to cafes, supermarkets, local transport and amenities; providing investors with a quality asset that would suit any property portfolio.”

The property is leased to established Christchurch restaurant chain, Winnie Bagoes, as their head office and operations for their restaurant/bar and music venue. The tenants’ initial lease term is 4.7 years with rights of renewal at an annual rental of $205,930 plus GST and outgoings.

The property is a refurbished former showroom/workshop structure of 1960s era, of a single storey building design. The premises was extensively modernised and refurbished to provide a total of 776sqm of net lettable area, that includes 641sqm of open plan restaurant and bar area, a function room, two separate offices, staff room locker, deliveries room, chiller and a fully equipped kitchen. The building faces north with a 134sqm outdoor courtyard featuring an abundance of sun and large open fire.

Tom Barclay, research analyst at JLL says, “The Winnie Bagoes building is located in a thriving post-quake locality which has had positive flow on effects from the high amount of foot traffic generated by the CPIT campus. The area has emerged as an eclectic nightlife, café and eatery destination with surrounding operations including the popular Black Betty Café, The Monday Room, The Bedford, Lone Star Manchester Street and the Moorhouse Central Shopping Centre.”

The property is zoned Central City Mixed Use which is given to developments within a vibrant urban area with a diverse and compatible mix of activities that can co-exist in support of the Central City Business zone and other areas within the Central City. The aim of the zone is to enhance and revitalize the central city by allowing a range of activities and a continuation of many of the existing business activities and allow residential activity to transition this area in support of inner city residential intensification.