Christchurch’s status as an investment destination on the Asia-Pacific radar has been boosted with the news that a New Zealand subsidiary of a Singaporean property investor has been confirmed as the purchaser of the newly-built PwC Building at 60 Cashel Street.
The building, which was commissioned in December last year, occupies a large 2,738 sqm prime freehold site on the corner of Cashel Street and Cambridge Terrace in the city’s increasingly popular West End.
Described as ‘next-generation’ due to its cutting-edge seismic design that saw it built to 130% of the New Zealand Building Standards (NBS) and Importance Level 3 (IL3), the 7,917sqm PwC Centre was developed and constructed by acclaimed construction, design and consultant teams Armitage Williams, Warren & Mahoney, Beca, Aurecon, Mott McDonald, Cosgroves and Holmes Consulting.
The purchase for $49 million by Grand Central (NZ) Ltd, the New Zealand subsidiary of a Singaporean-owned property investor and hotel operator, marks the culmination of a two-month sales process by CBRE on behalf of the building’s owner Bridgewater Properties Limited.
The company has existing interests in Christchurch, having owned and operated the 20-storey Hotel Grand Chancellor Christchurch, which was demolished in 2012 after the earthquakes and replaced with a 7-storey office and retail building completed earlier this year.
The purchase of the PwC Building is considered to be the first sale of a commercial building to an offshore investor since the 2011 earthquakes, according to CBRE’s research unit.
Managing Director for CBRE in Christchurch Tim Rookes says having led the sales process from start to finish it was great to secure a positive result that highlights the strong international interest in Christchurch commercial property.
“Two out of the top four bidders were from offshore. The PwC building was seen as a competitive investment opportunity amongst a host of other building stock in major cities across Australia, the United States and Asia.”
“The fact that Grand Central (NZ) Ltd chose Christchurch to invest, sends the positive signal that we are a robust, viable investment location and we have building stock of the quality and scale to compete on the international stage.”
“Notwithstanding the successful outcome on PWC, the sales campaign showcased Christchurch to numerous offshore parties and there was genuine acknowledgement of the unexpected quality of the rebuild which has generated pent up demand for investment opportunities.”
Canterbury Chamber of Commerce Chief Executive Peter Townsend says the chamber is extremely encouraged by this latest transaction as it clearly shows Christchurch is a target for foreign capital.
“Both domestic and offshore private capital is critical to how we fund the future regeneration of the CBD. This latest purchase is a further vote of confidence in the CBD and an important signal to the market about the viability of constructing quality building stock.”
“We’ve already seen significant number of workers returning to the CBD over the last 6 months and with more developers looking to invest in projects, combined with the arrival of international retail brands and public sector investment, the resulting economic activity will be a key element of the growth of the city as a whole.”
The building, which was commissioned in December last year, occupies a large 2,738 sqm prime freehold site on the corner of Cashel Street and Cambridge Terrace in the city’s increasingly popular West End.
Described as ‘next-generation’ due to its cutting-edge seismic design that saw it built to 130% of the New Zealand Building Standards (NBS) and Importance Level 3 (IL3), the 7,917sqm PwC Centre was developed and constructed by acclaimed construction, design and consultant teams Armitage Williams, Warren & Mahoney, Beca, Aurecon, Mott McDonald, Cosgroves and Holmes Consulting.
The purchase for $49 million by Grand Central (NZ) Ltd, the New Zealand subsidiary of a Singaporean-owned property investor and hotel operator, marks the culmination of a two-month sales process by CBRE on behalf of the building’s owner Bridgewater Properties Limited.
The company has existing interests in Christchurch, having owned and operated the 20-storey Hotel Grand Chancellor Christchurch, which was demolished in 2012 after the earthquakes and replaced with a 7-storey office and retail building completed earlier this year.
The purchase of the PwC Building is considered to be the first sale of a commercial building to an offshore investor since the 2011 earthquakes, according to CBRE’s research unit.
Managing Director for CBRE in Christchurch Tim Rookes says having led the sales process from start to finish it was great to secure a positive result that highlights the strong international interest in Christchurch commercial property.
“Two out of the top four bidders were from offshore. The PwC building was seen as a competitive investment opportunity amongst a host of other building stock in major cities across Australia, the United States and Asia.”
“The fact that Grand Central (NZ) Ltd chose Christchurch to invest, sends the positive signal that we are a robust, viable investment location and we have building stock of the quality and scale to compete on the international stage.”
“Notwithstanding the successful outcome on PWC, the sales campaign showcased Christchurch to numerous offshore parties and there was genuine acknowledgement of the unexpected quality of the rebuild which has generated pent up demand for investment opportunities.”
Canterbury Chamber of Commerce Chief Executive Peter Townsend says the chamber is extremely encouraged by this latest transaction as it clearly shows Christchurch is a target for foreign capital.
“Both domestic and offshore private capital is critical to how we fund the future regeneration of the CBD. This latest purchase is a further vote of confidence in the CBD and an important signal to the market about the viability of constructing quality building stock.”
“We’ve already seen significant number of workers returning to the CBD over the last 6 months and with more developers looking to invest in projects, combined with the arrival of international retail brands and public sector investment, the resulting economic activity will be a key element of the growth of the city as a whole.”
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ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The Company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The Company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
