Avonhead Shopping Centre, in Merrin St, northwest Christchurch. Photo / Supplied
Avonhead Shopping Centre, in Merrin St, northwest Christchurch. Photo / Supplied
One of the most prominent families in Christchurch property circles is selling the popular Avonhead Shopping Centre, in northwest Christchurch.
It is the first time the centre — originally built by the late Maurice Carter more than 50 years ago — has been offered for sale. The complex has beenredeveloped twice during the Carter family's tenure; the last time was 23 years ago when the current centre was built.
Maurice Carter made his mark on the northwest residential market during the 1970s, developing up to 500 sections between Memorial Ave and the Avonhead Shopping Centre.
Son Philip continued that legacy, developing 500 sections in the Hyde Park subdivision, off Withells Rd.
On the corner of Withells Rd and Merrin St, the centre is anchored by Countdown and has a further 18 tenants including a bakery, pharmacy, travel agent and the Merrin Street Brewery Bar.
Countdown has a redevelopment clause in its lease that provides for minimum terms that would take its tenure through until 2038.
Hamish Doig, managing director of Colliers International, Christchurch, is marketing the property with daughter and investment sales broker Courtney Doig. The deadline sale closes at 4pm on Thursday December 13.
Hamish Doig says Avonhead Shopping Centre has stood the test of time.
"Avonhead is a proven performer as a neighbourhood convenience centre. It has a real community feel about it and caters well to the surrounding higher socio-economic demographic.
"It's a high-density catchment, and shopping centres like this continue to be strongly supported. And there's every opportunity for a new owner to make further enhancements, requiring less than $200,000 to bring it to 100 per cent of New Build Standard," he says.
The 3876sq m centre sits on a land area of 10,763sq m that includes 165 on-site carparks.
