$2.01m sale for character building

The superb restoration of an Edwardian building in the Christchurch CBD proved the lure Arthouse architects needed after 18 months searching for space back in the central city.

Director Jorgen Andersen says they were looking for space with a point of difference when they heard that the ground floor of the P Duncan building in burgeoning St Asaph St was for sale.

Rather than leasing, Andersen and his fellow directors decided to traverse the owner occupier market, recently buying the character building for $2.010m.

Built in 1903-04 for P & D Duncan Ltd, it was home to one of New Zealand’s leading early foundries and engineering firms. It has been held by the same family, who extensively upgraded the building and strengthened it to 70 per cent of NBS.

Courtney Doig, of Colliers International, who marketed the building with Nick Doig, says there is considerable interest in the market from owner- occupiers.

“With the continued favourable lending environment for owneroccupiers, partially or completely unoccupied buildings are still yielding good enquiry. It’s encouraging to see Arthouse commit and make their move to the CBD in such a lively part of town.

“In our experience, there are a growing number of smaller firms like Arthouse architects looking to move back into the central city and they particularly enjoy the buzz around this area of town. The development of Welles St and the new Welder development are adding to the already creative atmosphere,” Doig said.

Vendor Paddy Cotter has owned the property since the 1980s and looked at a variety of options after the earthquakes.

“I’m really pleased with how it’s looking now, but I’ve run out of steam and it was time to sell.

“I think people often don’t realise how much time, effort and energy go into doing up these heritage buildings. The budget started at $1.5m but ended up at $2.8m. We owned it for a long time — it’s time for someone else to enjoy it.

Arthouse architects is working on fit-out plans and hopes to shift to its new premises by March.