Ōtākaro Limited wants to hear from parties with the experience, finances and vision to purchase and redevelop the building at 224 Cashel Street, Christchurch (former IRD building).
The eight storey, 16,000 m, building sits on the edge of the central city, within the East Frame Residential development and just North of the Innovation Precinct. It is a unique opportunity to develop a site that is just minutes from the city centre, close to established organisations and metres from what will be the third largest public space in the central city, the East Frame public space.
“The East Frame Residential development will be home to around 2000 residents who will no doubt be attracted to workplaces, retail and entertainment opportunities on their doorstep,” says Ōtākaro Strategy and Property Opportunities General Manager Keith Beal.
Ōtākaro favours developments that deliver good commercial returns and support the Crown’s regeneration objectives. Therefore, parties with the capability and vision to transform 224 Cashel Street into a site that will complement the East Frame residential development and attract people to the central city are being asked to express their interest.
Prospective tenants of any size and from any sector can also register their interest in occupying the building with Ōtākaro. This information will then be passed onto potential developers.
“The recent sale of land in the Retail Precinct for the development of a farmers market shows how Ōtākaro can successfully balance commercial returns with positive regeneration outcomes for Christchurch, and that is what we want to see in proposals for this building,” says Mr Beal.
224 Cashel Street suffered moderate damage in the 2011 earthquake and has been assessed to be between 45% to 50% New Building Standard (%NBS). It will be the responsibility of the new owners to assess and cover the costs associated with returning it to a functional standard for the proposed use. This will give them the opportunity to alter the layout for the desired purpose.
Mr Beal says as one of the tallest buildings in the East Frame, 224 Cashel Street will be easily recognisable.
“The building is one of the biggest work spaces in the city. With its large floor plates, it can be configured to suit a wide range of ventures including accommodation, hospitality, retail, arts, education or collaborative office space,” says Mr Beal.
A formal EOI process will be open until 12pm Friday 28 April 2017. Interested developers or prospective tenants can find more information at www.otakaroltd.co.nz/224cashelst