New shops planned for Ferrymead
Developers are planning new buildings for earthquake-damaged Ferrymead, as LIZ McDONALD reports.
Two new shopping complexes are planned for Ferrymead in Christchurch as the neighbourhood gets back on its feet.
The estuary-side commercial suburb was hard-hit by the earthquakes, losing many businesses including a Countdown supermarket, strips of smaller shops, and the two Waters Edge apartment towers.
The supermarket at 999 Ferry Rd is being rebuilt and will be open by autumn. Blocks of shops and hospitality outlets nearby have been damaged but not yet repaired, while Ferrymead Central on the corner of Waterman Place has remained open.
On the former Tumblar Products factory site at 987 Ferry Rd, developer the Latitude Group is planning to build a block of 18 shops on a 2100sqm site. Auckland-based Latitude's previous Christchurch projects have included the Workstation55 business park in Addington and the HSBC office tower in the central city.
The Ferry Rd complex will have five large and 13 smaller tenancies in two blocks. Sizes will range from 150sqm up to 1200sqm, with parking for 360 cars.
Leasing agent Blair Young from Bayleys says construction is expected to start soon and be finished by the middle of the year. The complex is already two-thirds leased.
Advertising says suitable tenants would be retailers, hospitality operators, or services such as a fitness centre or bank.
Annual rents are quoted at between $240 and $380 a square metre, with leases negotiable depending on tenant demand.
Further along at 1105 Ferry Rd, a waterfront retail complex is set to replace a demolished Mobil petrol station on a corner site next to the Waters Edge apartment site.
Christchurch-based Glenburn Investments own the property after buying it from Mobil Oil NZ in the late 1980s. The company has previously owned commercial property in Addington and Manchester St in the central city.
The new complex will have 1100sqm in total of retail floorspace and parking for around 50 cars. The land area is 3143sqm and the property has double street access.
The development is in the hands of leasing agent Peter Ryder from Ray White Metro.
The Ferrymead commercial area was previously industrial, but in the past decade had been developed with retail and hospitality outlets servicing the well-heeled communities of Sumner, Redcliffs and Mt Pleasant.
As a result, land values have risen especially on properties along busy Ferry Rd.