Christchurch office park Show stopper

12:12 AM Thursday March 29, 2018 Colin Taylor

Westpac has occupied 2 Show Place, Addington, since 2011 but is returning to the Christchurch CBD. Photo / Supplied

A landmark three-level building, occupied by Westpac bank since 2011 at the entrance to Show Place Office Park in Christchurch, is for sale.

Westpac is returning to the Christchurch CBD, so the property at 2 Show Place, Addington, is being sold with vacant possession, says Mark Macauley, manager of Colliers International in Christchurch, who is selling it by deadline private treaty, closing at 4pm, Thursday, April 12 - unless sold earlier.

The 1886sq m building sits on 3988sq m of freehold land and comes with 68 car parks,

Macauley said the building features an architecturally-designed, detached, curved concrete service core which means individual floor plates benefit from excellent natural light on all sides.

“The potential net annual income is $644,770,” Macauley says. “The ground level has a lettable area of 580sqm, with levels one and two covering 653sq m apiece. With the flexibility of three separate floors, it gives multiple options to either occupy the entire building or occupy part and lease the balance.”

He says its rate for such a high-quality office building come onto the market with vacant possession.

“With an outstanding corner profile to Whiteleigh Avenue, the profile for any business positioned in this building is hard to beat.

“In today’s low interest environment, the cost to own versus renting makes a very compelling financial argument to purchase.”

Macauley says the owner Goodman Property Trust has decided to sell the property to release capital for future industrial investments.

The Show Place Office Park, in which the property is located, is a premium campus styled estate, comprising 25,000sq m in total of modern office accommodation.

It is set in attractively landscaped grounds with on-site cafe and gym, opposite Tower Junction Mega Centre.

“It’s close to the CBD and Christchurch Airport, and within walking distance to bus stops and railway station,” Macauley says.

He says Show Place was the scene of the biggest commercial office sale in Christchurch in 2015, when Goodman Property Trust sold the two buildings largely occupied by IAG for $33.2m, representing a 7.8 per cent yield.