Well-known Church Corner hub comes to market for the first time in 30 years

A high profile and fully occupied commercial property investment with development potential is coming to the market for the first time in 30 years.

1-3 Waimairi Road, Christchurch is a significant commercial property opportunity housed by national tenants provides outstanding profile with dual corner street frontage to Riccarton Road, Waimairi Road and Leslie Street. This asset is further underpinned by its mixed use zoning and prime Riccarton location being one of New Zealand's leading retail destinations and its deep-rooted catchment. 

The property sits adjacent to the Bush Inn Shopping Centre, Woolworths Church Corner and is close to two of New Zealand's major hubs, Westfield Riccarton Mall and the University of Canterbury, and features two single-level buildings and a hard stand car park on two titles totalling 3,154sqm. 

Marketed by sole agents Tim Rookes and Cameron Darby of CBRE Christchurch via a Deadline Private Treaty campaign that will close at 4:00pm on Thursday 9th November 2023. The property is offered to the market with multiple buying options, as a single holding or individually as 1 Waimairi Road including associated car parking, or 3 Waimairi Road.  

Tim Rookes, Managing Director, CBRE Christchurch, says “It is an exciting moment when a property in this tightly held location comes to the market for the first time in 30 years. There is a real scarcity of opportunities in this location, as shown by the long-term ownership of this property. This prime Riccarton location is one of New Zealand's leading retail destinations and a deep-rooted catchment. It is a tightly held area and Upper Riccarton, and Riccarton Road itself, enjoy high numbers of SME businesses, hospitality, accommodation and retail outlets from end-to-end.”

“1-3 Waimairi Road has essentially three street frontages on Riccarton Road, Waimairi Road and Leslie Street, enjoying exposure to an estimated 13,000 vehicles per day. The site and its location leverage its key surrounding amenities, including the adjacent Bush Inn Shopping Centre, Woolworths Church Corner and two of New Zealand's major hubs; Westfield Riccarton Mall and the University of Canterbury.”

The fully tenanted investment is home to national occupiers Ray White, House of Travel, Anytime Fitness, Caroline Eve, Westpac and Southern Cross Laboratories (Awanui), demonstrating the strength of the location.

Cameron Darby, Associate Director - Investment Sales, for CBRE says that the site also has future redevelopment potential. 

“Astute investors will recognise the future development potential of this property with three street frontages and a 12m build height allowance. Being at the juncture of a major transportation corridor presents an excellent opportunity for future repositioning. By capitalising on intensification, you can maximise the long-term potential of this prime location. The mixed use zoning provides a diverse range of redevelopment options including residential and accommodation. Furthermore the proposed district plan change will seek to increase the build height to 20m and intensify the population around this catchment.”

Rookes adds that the property will appeal to a broad base of investors. “Within New Zealand, high net worth and family office investors will find it highly appealing, as will well-hedged syndicators in the market for this level of investment. And, given the three acquisition scenarios on offer, its lot size, and the well-known and busy location, 1-3 Waimairi Road will have broad appeal.”