Landmark CBD Office Asset and Site for Sale Christchurch Central

Offices - Landmark CBD Office Asset + Prime Development Site

Commercial Property for Sale Description

Landmark CBD Office Asset and Site for Sale Christchurch Central 123 Victoria Street

On behalf of Countrywide Group, CBRE, as the exclusive agent, is privileged to present one of the highest quality New Zealand investment offerings of 2020. As only the second premium grade new build office asset to be formally offered to the market in Christchurch over 10 years, this is genuinely a rare opportunity.

Commissioned in 2017, 123 Victoria Street is a statement of design that has become “a destination asset” with outstanding lease fundamentals and potential downstream upside from the adjoining high profile corner development site.

The asset provides a rare quality and scale with an Asia Pacific enviable Weighted Average Lease Term (WALT) of c. 8.1 years (major occupiers). 123 Victoria Street is underpinned by long term leases with a diversified income stream to blue chip occupiers across medical, primary industry and professional services. This rich multi industry tenancy board is anchored by Nexia New Zealand Accountants, Pacific Radiology, New Zealand Merino and Alliance Group accounts for 90% of the net lettable area and provides outstanding security of cashflow.

KEY INVESTMENT HIGHLIGHTS:

* Net passing income: circa $3,100,000 pa plus GST.
* Four blue chip major occupiers (90% of NLA).
* Outstanding long term WALT: 8.1 years (major tenants).
* Diversified tenant mix; medical, primary industry and professional services.
* Guaranteed rental growth across all major tenants.
* Completed in 2017 and designed by renowned firm - MAP Architects.
* First class occupier experience.
* Downstream upside - corner development site of c.2,500sqm.
* Net lettable area: 7,489 sqm (approx).
* Land area: 5,081 sqm (approx).
* Excellent on-site car parking.

CBRE is offering this landmark CBD investment to the market for sale by way of Deadline Private Treaty closing 4pm (NZST) Thursday 19 November 2020 and all offers must be provided to CBRE, the sole agent.