Five central Christchurch properties, including Press House, have been sold to undisclosed local buyers.
The off-market sale incorporates five properties, spanning 146-160 Gloucester St and 32 Cathedral Square.
The package comprises four sites and the seven-level Press House, fully leased to Fairfax Media Ltd, to which the publisher returned in May this year.
It is the second substantial central-city building transaction in the past six weeks, following the recent sale of HSBC Tower in Worcester St to a local investor.
Hamish Doig, managing director of Colliers International brokerage in Christchurch, handled both deals.
"Collectively, these two transactions to local buyers total more than $50 million in just a month and a half. Press House had a passing yield of 7.5 per cent,'' he said.
"I think they send a real signal to the Christchurch market - and investors both nationally and offshore - that there is immense confidence in the city's future and in the blueprint to deliver what it has set out to do - a vital and thriving central city."
Doig said the Press Precinct sale highlighted investor confidence in the development of Cathedral Square and the convention centre plans.
"The nature of the blueprint has necessitated that they change their original plans but they're still keen to pursue opportunities for development to attain the equivalent square metres they previously held," he said.
Press House and HSBC Tower are fully leased to long-term tenants.
- © Fairfax NZ News
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