Shopping centre reborn after quakes
Having transformed “The Colombo” into a thriving shopping centre over the past eight years, Christchurch developer Lilly Cooper has placed the property on the market for sale.
Cooper has a record of breathing new life into existing buildings, as well as repositioning them at the top end of the market.
Among her previous projects is the Hotel Montreal, which she refurbished and renamed, turning it into a five-star boutique hotel now operated by The George.
She purchased the then Spotlight Plaza, at 363 Colombo St, in 2010, two weeks before the first Canterbury earthquake.
“After that, everything changed, The Colombo was always going to be something totally different, but after the quakes people needed it all the more.
“It provided a desperately needed space for folk to come together and enjoy themselves,” she says.
Under her expert direction, The Colombo was a post-quake success.
It now comprises an eclectic mix of 44 tenancies — retailers, bars and hospitality outlets, together with an art house cinema — ranging in size from 8sq m to 3,031sq m.
But potential still exists for further development and improvement, says Colliers International’s Courtney Doig, who is marketing the property with Hamish Doig.
The Colombo is for sale by deadline private treaty, closing at 4pm on March 14, unless sold earlier.
“The Colombo is anchored by a Spotlight store, which is shift to a larger site when its lease expires at the end of 2021,” says Courtney Doig.
“This provides excellent scope for a new buyer to add significant value and develop a third stage to the shopping centre.
“We think it will appeal to both domestic and offshore buyers, folk looking for a substantial retail asset to add to their portfolio.
“It is a real destination in Canterbury and occupies a unique niche in the market.”
Cooper considers the time is right to sell.
“I’m thrilled with the way The Colombo has worked out: it is truly everything I envisaged.