Office block sold to foreign buyer
Businessman and NBR Rich Lister John Ryder has sold his Christchurch post-earthquake office rebuild, Duncan Cotterill Plaza at 148 Victoria St.
Ryder said he was unable to say who bought it or the price yet, but it was sold to an overseas purchaser.
The deal is unconditional and will settle soon. When it settles the price and identity of the buyer will become publicly registered.
Ryder said he had new property offers soon to be announced by the Alpine Retirement Group, of which he is executive chairman and a major shareholder.
He said he would redeploy the proceeds of the office sale into the Alpine development.
Ryder is most well known as being one of the co-founders of Ryman Healthcare, which among other investments has helped him amass an estimated $80 million fortune.
The rent on the Duncan Cotterill Plaza is $1.711m, which at current yields of about 6.5 per cent suggests a value of about $26m.
The Victoria St building was opened in 2015 and won acclaim for its design and centrepiece sculpture by Graham Bennett, in memory of those who died in the 2011 earthquakes. The building won a 2016 Canterbury Architects Award and was a recipient of a Civic Award from the Christchurch City Council.
Duncan Cotterill Plaza was one of the first of the larger new builds within the four avenues.
Law firm Duncan Cotterill is the anchor tenant, occupying 85 per cent of the space.
Mark Macauley, general manager of Colliers International in Christchurch, said there had been a lot of interest from investors looking for a long-term hold.
‘‘The level of inquiry again highlights the very healthy nature of the commercial property market in Christchurch. This is the second sale of a premium office complex built after the earthquakes and they are certainly keenly sought.’’