Heritage site has had new lease of life
With the heritage restoration of popular Christchurch complex The Welder now complete, its owners are selling to release capital for a new venture.
The central city development originally comprised six character buildings dating as far back as circa 1880, containing a mix of local artisan businesses. In the past six years, it has been transformed into a thriving retail, hospitality, and wellbeing complex.
The Welder is being marketed by investment specialists Mark Macauley and Marius Ogg of Colliers, by Deadline Private Treating closing May 9.
Macauley says The Welder is a stellar example of breathing new life into a heritage site.
“Purchasing The Welder in 2017, the owners repurposed and strengthened the buildings in 2018 while retaining their original unique mix of materials and eccentric features. With the complex now housing an eclectic mix of well-established tenants, the vendors are selling to release capital for other projects.”
Located at 20–26 Welles Street, the buildings originally housed businesses including a blacksmith, a welder, and an engineer.
The owners have interconnected the buildings and provided dual entrances past the various tenancies to a central courtyard and hospitality area with common amenities on the ground floor.
“This is an opportunity to secure a diversified income stream from a stunning and unique complex situated in a highly regarded central city location. Underpinning the investment is the large land holding and subsequent land value,” Ogg says.
The 17 tenants include the highly popular Bar Yoku, Salut Salut, Two Raw Sisters, Grizzly, and Corkin + Friends. There are two separate first floor areas – O Studio fronting onto Welles Street and two office tenancies from Quills Lane. Larger events and gatherings can be accommodated on the ground floor and there is a separate event space.
Net lettable floor area covers 1,421 sqm, excluding common areas, on 2,157 sqm of freehold land in four titles.
Zoned Commercial Central City Mixed Use, it is surrounded by a mix of complimentary hospitality options as well as various office, retail, showroom and commercial uses, interspersed within inner city townhouse and apartment product.