Yeoman and Newbury developing at full speed
Christchurch property developers Miles Yeoman and Craig Newbury have been busy since the earthquakes. The pair, under the name Canterbury Property Investments, have several projects underway in the central city.
Earlier this year they spent $3.7 million buying the large development site at the corner of Cashel and Montreal streets, formerly the home of office building Scales House which was demolished after the quakes.
Yeoman has a history in valuation and property development, while Newberry is a businessman with a financial background.
Yeoman said they were ‘‘very keen on this block’’ which was becoming a real office precinct.
‘‘This area will be finished before there’s even a start on the east side of the river’’
The pair will start work before Christmas on a three-level L-shaped building on the site. They have already signed up tenants for 80 per cent of the building.
Architecture firm Warren and Mahoney, who have been operating from the Wigram airforce museum since losing their Victoria St premises to the earthquakes, will take 1000sqm of space on the ground and first floors. Engineers the Holmes Group has taken a 10-year lease of 1200sqm on the top floor. Two smaller spaces in the building are still available.
Yeoman and Newbury are aiming for a five Greenstar rating for the building, which will have its design and engineering work done by its future tenants. The foundations will be a reinforce concrete raft slab on gravel.
‘‘Land values have doubled in the past year and there’s far more interest in this southern end of
Before and after: town,’’ said Newberry.
‘‘We bought these parcels of land before the blueprint was released because we recognised the potential.’’
Canterbury
Property Investments have also bought a neighbouring 688sqm Cambridge Tce riverfront property which backs on to the Scales House site.
They have preliminary concept plans for a luxury four-storey boutique apartment building.
The pair’s other projects include a Victoria St property previously home to a cheesemonger and hairdresser, which they are planning to redevelop.
They are also developing a large site between Southwark and Allen streets, near Christchurch Polytechnic, putting up two separate buildings of 640sqm and 700sqm.
In St Asaph St they have planned a colonial style building for tenants they have already signed – an Indian restaurant below and offices above.
Nearby on Welles St they are building hospitality premises on the former Charlies massage parlour site.
Outside of Christchurch, Yeoman and Newberry also have property interests in Rangiora, where they own industrial land and have developed a retail complex for Warehouse Stationery and Snap Fitness, plus an adjacent single level office building leased to Work and Income New Zealand.