Singaporeans splurge $49m on Christchurch's PwC building
The $49 million sale of the PwC building in Cashel St is the first major purchase by an overseas buyer since the 2011 earthquakes.
Singapore-owned Grand Central has bought the the recently-completed PwC building on the former Age Concern site at 60 Cashel St opposite the Bridge of Remembrance.
Managing director for CBRE in Christchurch, Tim Rookes, said it was the culmination of a two month marketing campaign with the two top bidders from overseas.
Grand Central also formerly owned the 20-storey Hotel Grand Chancellor Christchurch at 145 Cashel St near the corner of High St, which was demolished in 2012 after the earthquakes and replaced with a seven-storey office and retail building.
Rookes said Christchurch's status as an investment destination on the Asia-Pacific radar has been boosted with the deal.
The building was completed by developer Armitage for property owner Bridgewater Properties in December 2016.
Several commercial spaces in the six-level building remain available for lease.
It sits on a large 2738 square metre freehold site on the corner of Cashel St and Cambridge Terrace.
It was built to 130 per cent of the New Zealand Building Standard by consultant teams Armitage Williams, Warren & Mahoney, Beca, Aurecon, Mott McDonald, Cosgroves and Holmes Consulting.
Rookes said the sale campaign showcased Christchurch to numerous offshore parties who acknowledged the quality of the rebuild and it had generated interest for investment opportunities.
Canterbury Chamber of Commerce chief executive Peter Townsend said the encouraging transaction showed Christchurch was a target for foreign capital.
"Domestic and offshore private capital is critical to how we fund the future regeneration of the CBD."