Award-winning Christchurch complex for sale

5:00 AM Saturday May 13, 2017 True Commercial

The Duncan Cotterill Plaza, at 148 Victoria Street, was opened in 2015. Photo / Supplied

John Ryder, one of the founders of Ryman Healthcare, is selling his award-winning office and retail complex in Christchurch to facilitate his return to the aged-care sector.

Duncan Cotterill Plaza, at 148 Victoria Street, was opened in 2015, winning accolades for its sleek design and centrepiece sculpture by Graham Bennett, in memory of those who died in the 2011 earthquakes.

The building won a 2016 Canterbury Architects’ Award and was a recipient of a Civic Award from the Christchurch City Council.

It was one of the first of the larger new builds within Christchurch’s four avenues, with law firm Duncan Cotterill the anchor tenant, occupying 85 per cent of space.

The building is fully tenanted, with other tenants including Murray & Co, First NZ Capital and upmarket homewares retailer Cavit & Co.

After retiring from Ryman in 2002, Ryder returned to the retirement village industry in 2012, joining the Alpine Retirement Group as Executive Chairman and a major shareholder.

The group owns the Alpine View Lifestyle Village in Waitikiri and is currently developing a 9ha site on the Port Hills in Nelson overlooking Tasman Bay. It has secured a further 15ha site in Christchurch, which will be announced shortly.

Total development costs will be more than $250m and Alpine will use the award-winning skills of +MAP Architects from Christchurch.

“I was originally going to hold on to this building but with my renewed interest in the retirement village sector, I decided to sell it to help fund our extensive growth plans,” Ryder says.

“Graham Bennett’s sculpture at its centre reflects our city now and the growing importance we place on public artwork.”

Mark Macauley, General Manager of the Colliers International agency in Christchurch, is marketing the building by international deadline private treaty, closing June 7.

“Christchurch is attracting a growing number of buyers from throughout the rest of New Zealand and offshore,” he says.

“This building is a prime example of that, having been built post-earthquake to the Wellington Code, which is more than 100 per cent of the current Christchurch building code. It is modern and low maintenance, underpinned by strong tenants and long term leases.”

Based around Ryder’s idea of an internal courtyard, similar to the old University of Canterbury site and complementing Knox Church, the four-level building was designed by Christchurch architect Kerry Mason of +MAP Architects.

In contrast to the main building is a single level retail store, and Graham Bennett’s sculpture, Extant, in the courtyard.

The building was registered and certified as the first green initiative in the city to the NZ Green Building Council/Christchurch City Council BASE — Building a Sustainable Environment.

Duncan Cotterill Plaza covers 3708sq m, on a total site of 2830sq m, with 58 lettable car parks and earns net annual income of $1,711,000.