Harcourts to auction units in swanky CBD building
In a bold marketing move, Harcourts is auctioning units in two yet-be-constructed distinctive five-level buildings to be called The Edge at 135 Kilmore St and 130 Peterborough St.
A sufficient number of deposits will give the developer and its funder comfort to proceed, with settlement of the purchases tied to the completion date of the buildings.
They will be developed in two stages with Harcourts marketing the first stage comprised of a retail unit on level one, three commercial units on levels two and three, and two on level four.
The back-to-back properties were formerly owned by the Canterbury Caledonian Society before being acquired by Syndicate Developments.
The centre - designed by Stufkens and Chambers architects - will include dual access from Kilmore St through to Peterborough St via a private laneway.
Harcourts agent Toby Nicholls said he expected the units to be attractive to "savvy investors seeking bite-sized commercial investments as well as owner operators who want to move away from leasing.
He said there would be a reserve price but potential buyers would do their own due diligence by comparing similar offerings in the market.
Each unit would have twin carparks at ground level. They vary in size between 145 square metres and 250 sqm.
There will also be two residential apartments on level four and five marketed by Mark O'Loughlin of Harcourts.
Steel columns and precast concrete panels will form the structure of the buildings with a reinforced concrete raft foundation on remediated ground.
The buildings will be adjacent to the Forte Health building on Kilmore St and also across the road from a Peebles Group development where there are six units for lease.
Another comparable small business-style development is 71 Gloucester St by Amherst Properties where there are also six units currently for sale.
The overall vacancy rate for Christchurch offices is about 25 per cent, including the larger post-quake completed office buildings.
The shareholders in Syndicate Developments include Kirsty Chambers and Marcus Stufkens (32.67 per cent) Evan Badger, Ken Lord and Kevin Currie (32.67 percent), Christopher Lowe (17.33 per cent), Keith Foster 8.76 per cent) Karen Chambers (4.33 per cent), and Morris Chambers (4.33 per cent).