ASB bank is moving into the heart of Christchurch

ALAN WOOD
Last updated 05:00 11/12/2013

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ASB bank says a new high-profile Cathedral Square site is part of the bank's attempts to further increase market share in Christchurch and the wider region.

A group of Christchurch property investors are rebuilding on the site, with ASB planning to move in from the completion date around early 2016.

The bank says the new "regional centre" will be named ASB House but the leased property will also include other tenants such as retailers wanting frontage onto the square.

Located on the high-profile corner of Colombo and Hereford streets and Cathedral Square, ASB House is on the site that ANZ Bank occupied before the earthquakes.

Steve Jurkovich, ASB's executive general manager of commercial, corporate and rural, said ASB House would be complemented by other retail sites including the City Mall Re-Start and eight others including two in Lincoln and Rangiora.

The bank would pay a different annual rental rate for parts of the building ranging from $400 to $750 a square metre plus GST. The building strength was well in excess of what ASB regarded as safe for earthquake and other standards.

The bank was leasing about 1750sqm including 150-200sqm of retail space on the ground floor.

The site was owned by Central City Estates Ltd, building 6000sqm of new floor space for ASB and other tenants.

The company's Christchurch directors include John Dean Greenwood, Christopher Douglas Bayley and Victoria Carolyn Brinkman, according to the Companies Office.

"[Market share] is really mid teens across most streams of the business, 14 to 16 [per cent] . . . the rural business and commercial business have been growing market share by over a per cent a year for the last three years," said Jurkovich. "We really hope to sustain that momentum."

The ASB House site would bring together around 100 ASB people from the bank's retail, commercial and rural banking teams along with wealth and insurance specialists.

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