Christchurch carpark, retail complex changes hands
Leading commercial property and investment management business Mackersy Property has added a central Christchurch carpark building to its $2 billion portfolio.
Located at 160 Lichfield St in the central city, the carpark is on the doorstep of the Canterbury Multi Use Arena (the city’s new stadium).
Investment broker Courtney Doig of Colliers received multiple offers from throughout New Zealand for the unusual asset.
Completed in May 2016, the carpark comprises a 359-bay carpark and fully leased ground-floor retail consisting of five tenancies totalling 1166sq m.
“It wasn’t the sort of opportunity that comes along every day – both in terms of the unique offering and having such strong fundamentals. Prospective buyers were unanimously attracted by revenue upside, its strong cashflow, extensive combined WALTS for both the retail and carpark and the multi-tenanted nature of the asset.”
Doig acknowledged developer Studio D4 for its commitment to helping rebuild Christchurch.
“Studio D4 is a North Island-based developer that really stands out for helping to establish the Innovation Precinct, in particular where they built Vodafone, Kathmandu, 150 Lichfield office and retail suites and the restoration of Dux Central House.
“Today there’s a shortage of quality properties on offer in the market and this was a prime example of one that had growth and value-add appeal for hungry investors. The market is so strong and our campaigns are attracting inquiry and buyers from throughout New Zealand.”
Mackersy Property is no stranger to the area, having syndicated the nearby Kathmandu and Vodafone buildings in 2015. Investors for the new carpark have already been secured.
Director Adam Copland says the company is delighted to have secured the property for its investors and anticipates significant upside.
“The property’s location is a particularly exciting one, especially with the ongoing development of the east frame residential area and the stadium. “It’s a great fit with our fundamental investment criteria of a modern building, prime location, long leases, strong tenants and future rental growth.”