Two floors in Christchurch city's well-known Carlton Butchery building in a prime location at the busy Carlton Corner end of Victoria St are on the market for sale in one unit-titled parcel.
The four-level building, at 179 Victoria St, was one of Christchurch's first commercial post-earthquake rebuild projects and was completed in October 2013 by local developer Richard Diver.
"This is a well-tenanted, mature commercial property asset in a high-profile location on a major intersection," says Jonathan Lyttle, managing director of Savills Real Estate in Christchurch, who is marketing the property for sale by private treaty with offers closing at 4pm on June 2.
Lyttle says its prime location will appeal to investors as well as its compact size which will suit many individual buyers and small syndicates. "These factors make it a compelling investment." The two floors for sale, making up 466sq m of commercial space, are occupied by Saggio Di Vino restaurant at street level and three office tenants on Level 1 which generate $227,534 in total annual net rent. The floors come with eight carparks at the rear of the building.
Saggio di Vino, a Christchurch fine dining institution established in 1991, occupies the entire ground floor. Upstairs, Jetmax Media, Go Media and Countrywide Group share the first-floor office space.
The top two floors contain a high-end luxury residence.
Designed by MAP Architects with a modern take on traditional art deco styling, the building was one of the earliest examples in Christchurch to deliberately include visible engineering elements, such as structural supports, in the design aesthetic.
It was built on the site of an old brick building which was badly damaged in the September 2010 earthquake. Its construction paved the way for further development along Victoria St, which Diver was instrumental in transforming into Christchurch's first post-earthquake commercial centre.
Lyttle says the sale of the two floors comes at a time when high-quality, medium-sized commercial assets are difficult to come by.
"There is strong competition for the few commercial investment properties in this price bracket which come up for sale. Demand for quality commercial property is as strong as ever, based on the good return margin the asset class still offers over bank deposit rates.
"The reputable developer, quality construction and good tenants will also be considered highly attractive characteristics among buyers," he says.
"Opportunities like this don't come up very often, so this is an excellent chance to secure a prime, long-term investment asset in the city centre."
The building is located opposite the rebuilt Knox Church and a high-profile office and retail development occupied by Duncan Cotterill, Murray & Co and Cavit & Co.