The Papanui RSA has hit the market, providing an excellent opportunity for a range of buyers.
Located at 55 Bellvue Avenue, the 4,166sqm property is being brought to market by RWC Christchurch agent Paula Raine on behalf of the RSA.
“The property would be attractive to a developer or a large owner occupier in the retail or hospitality trade, to either repurpose the existing structures or redevelop the site, perhaps in conjunction with some neighbouring properties,” Ms Raine said.
“It’s attractive to buyers due to being a large block of commercially zoned land and its location right in the local commercial area of Papanui, which is just north of the Central City and adjacent to the high socio-economic area of Merivale.
“Papanui Road is a main arterial route for traffic heading north out of the city and so this site is on the favoured left hand ‘going home’ side of the road.”
Ms Raine said the property’s scale allowed for off-street parking which would be a huge drawcard for potential businesses.
“The ability for a customer to park in close proximity to a retail business is essential for that retail tenant's survival.
“With the council installing cycleways and clearway bus lanes on Papanui Road this has impeded a customer's ability to be able to stop outside a business that fronts onto Papanui Road.
“However, this site would allow a developer to be able to create a business centre with suitable off-street customer parking.”
Ms Raine said the commercial property market was starting to “come alive again”.
“There is a growing sense that the market has bottomed, interest rates have peaked and starting to decline and so there is a renewed feeling of optimism,” she said.
“We are starting to see improving business and consumer confidence as well. Therefore, buyers are starting to realise that now is the opportune time to be buying, especially at today's prices and with tomorrow's interest rates.
"They are making the move on properties which either; they can add value to, or properties leased to recession proof tenants with good quality lease covenants in place, as well as strategic sites that provide different options in the future, like the Papanui RSA site does."
