Prominent investor’s family set to sell Mid City Centre
A new owner is being sought for the Mid City Centre in central Christchurch.
Owned by the late CBD investor Nam Yee, the high-profile property is home to more than 100 office staff and a mix of retailers, including Ballantynes’ contemporary lounge and North Beach.
It comprises a three-storey building with retail on the ground and first levels. The second level was originally built as a rooftop car park and then converted to offices for a government department.
Hamish Doig, managing director of Colliers International in Christchurch, is marketing the property in conjunction with director of retail leasing Nick Doig.
“The family is realising the estate and Mid City Centre is the proverbial jewel in the crown of the portfolio. Nam was a very astute investor and totally committed to the Christchurch CBD where he owned several properties. This is the first time the property has been available in more than 20 years.
“There’s growing investor interest in Christchurch, being fuelled by both private high net worth individuals and syndicators who are looking for a viable solution to their diminishing incomes due to falling interest rates.
“With the official cash rate at a record one per cent, depositors are feeling huge pressure to find alternative areas to place their capital. Commercial property is a natural home to satisfy this burgeoning demand.”
Earlier this year, Colliers sold the nearby EntX cinema complex on behalf of Calder Stewart for $48.4m.
Located at 663 Colombo St, in the city block bounded by Lichfield, Colombo and Cashel Sts, Mid City Centre is flanked by two carpark buildings and close to Cashel Mall, The Crossing and the new Riverside Farmers Market. Nick Doig said national and international brands are now staking their claim in the retail precinct with the recent opening of Kate Sylvester and Kathmandu in Cashel Mall, while General Pants, Decjuba and Platypus shoes will open shortly.
“A lot of brands were waiting to see how the retail precinct unfolded, but they’re certainly now highly motivated to be in the CBD, encouraged by the culmination of several large projects. It means they can really see the shape of the city.”
Nam Yee was born in China and moved to New Zealand to flee the Japanese occupation with his parents when he was 12. He attended Christ’s College from 1943 to 1945. He returned to China in 1945, but when the communists took hold, Nam returned to New Zealand.
Nam’s CBD portfolio also included 88 Cashel (the former Cafe Bleu and Bar) site, 92-94 Gloucester St (formerly Gloucester St Bar and Grill), 777 Colombo St (previously Mandarin restaurant), and the Frontrunner building on the corner of Lichfield and Colombo Sts.
Nam liked owning property in the CBD because they were all within walking distance of his home. In the post-earthquake years he would regularly walk around and watch the new construction happening.
Mid City Centre is for sale by deadline private treaty (unless sold earlier) closing at 4pm, October 31.