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Diverse retail hub on historic firehouse site ignites buyer interest

A multi-tenanted suburban retail hub on the site of a former historic fire station and an iconic Eighties nightspot is set to ignite buyer interest as it goes up for sale.

The high-profile property on Colombo Street, in the Christchurch suburb of Sydenham, originally gave rise to one of the city’s earliest fire stations dating to the late 1800s.

The building later became the Firehouse, a notorious nightclub with a downstairs bar called Matches which wooed late night revellers through the 1980s until, ironically, it burned down in the mid-1990s.

Now home to a modern commercial hub, the more than 2,100-square-metre site is fully leased to a diverse mix of seven established tenants.

Alongside martial arts academy Checkmat Christchurch Jiujitsu, it houses a Pizza Hut, a computer repair specialist, a sushi café, a barber, a multi-ethnic grocery store, and a laundromat.

The leases generate a combined net rental return of some $225,000 plus outgoings and GST per annum.

The freehold land and buildings at 293 Colombo Street, Sydenham, Christchurch, are now being marketed for sale by Levi Dwan and Nick O’Styke of Bayleys Canterbury.

The property will be sold by deadline private treaty closing on Friday 5 July, unless it is sold earlier.

The approximately 757-square-metre retail complex sits on some 2,150 square metres of freehold land with onsite parking for 30 vehicles.

Dwan said the property was redeveloped in the late 1990s, with the existing retail hub opening in 2000.

“Located next to Sydenham Park, Christchurch’s first A & P grounds, this high-profile retail site offers a perfect blend of history and convenience.

“The seven tenancies, ranging in size from approximately 50 to 266 square metres, lend themselves to the needs of a wide variety of occupiers.

“The dynamic mix of well-established tenants generates diversified income streams that will heighten the property’s appeal among investors and there is potential for future rental growth.

“The current owner has recently invested significant capital in extensive landscaping, a refurbished parking area, a new plinth for signage, and a state-of-the-art fire system – further enhancing the property’s usability and appeal,” said Dwan.

The Colombo Street property has an Initial Evaluation Procedure seismic rating of 67 percent of new building standard.

O’Styke said the complex benefited from a strategic location, handy to the city centre, large suburban catchments and the Southern Motorway.

“Situated between Christchurch’s CBD and southern suburbs on Colombo Street, one of the city’s busiest streets, this property is exposed to some 16,500 passing vehicles per day. This ensures high visibility and accessibility for the retail hub and the business operations it houses.

“The property sits within the Commercial Core zone under the Christchurch District Plan. This provides for a range of convenience and comparison shopping and community and employment activities in district and neighbourhood centres.

“Sydenham’s standing as a popular retail destination is underlined by the calibre of the site’s neighbours including Woolworths, Mitre 10, McDonald’s, KFC, a Mobil service station and an array of food retailers, restaurants and bars,” O’Styke said.

Click here for more information on the listing.

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