New building a hit with tenants
Retailers fill Moorhouse block ahead of openLIZ MCDONALD
A building being developed by car dealer Paul Kelly in Christchurch's Moorhouse Ave has been almost fully leased even before it is finished.
The building is going up at 100 Moorhouse Ave, which until the earthquakes was the site of the Supa Karts indoor kart track.
Construction on the new building is under way now, and is due to be finished by the end of the year.
Tenants signed include appliance retailer Kitchen Essentials, furniture store Global Living, vacuum dealer Godfreys, and accountancy firms Goldsmith Fox and Duns.
Leasing agent Paul Marshall, of Colliers International, says they have leased more than 3000 square metres of floorspace with just 300sqm of space left.
"The demand is amazing. It's unusual to have a building almost fully leased when the tilt panels are only just being lifted into place," Marshall says.
"I think tenants like the central location and the proposed metro sports hub, there's excellent car parking and a high profile."
Kelly has been a property investor on the block since before the earthquakes, and he is the dominant landlord between Selwyn and Antigua streets.
When the quakes hit he decided to rebuild his lost buildings and become a first-time property developer.
He has now leased close to 1.1 hectares of the new office and retail space.
At 70 to 76 Moorhouse Ave, Kelly has completed 7000sqm of floorspace in three two-level buildings and one three-level block. His tenants there include Inland Revenue, Telecom, the Department of Conservation, and retailers Lighting Direct and Konica Minolta.
The final piece in the puzzle will be the Z petrol station site on the corner of Moorhouse Ave and Selwyn St. Plans are under way to redevelop the property with Z remaining as tenant.
Kelly says he proposed shifting the station back on the site so that it is aligned to his adjacent sites, with large landscaped frontages.
He says despite his property developments, "I still look at it as an investor rather than a developer, because developers buy and sell. I'm in it for the long haul.
"And because I'm a successful retailer, I think of what the buildings will need to make them work for the tenants. I've tried to make it as easy as I possibly can."
Other developers' projects in Moorhouse Ave include the Midway Moorhouse retail complex between Durham and Montreal streets, while a $52 million state-of-the-art entertainment terminus has been proposed for the old railway station site.
- © Fairfax NZ News