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Kiwi Contributor
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The facts as they happen...
(from the National Business Review)

Garden City scores new $25m office tower
by Chris Hutching
Friday June 13 2008

Christchurch developers Ecca Tanfana and Stuart Leck are planning a new $25 million office tower for central Christchurch.
In spite of much negative news about the state of the property market, Messrs Leck and Tanfana are confident they will obtain sufficient leasing commitment to begin construction by October.

They have some advantages. They have already obtained resource consents and built the three-level car park building and ground floor retail that forms the base of the building that will have nine more levels added.
They have owned the property for several years.

They acquired the land and an adjacent site with the aim of developing two luxury apartment towers, completing Victoria Apartments in 2006 and selling the last apartment in December 2007.
The prices averaged around $2.2 million and were bought by some of the city's leading businessmen such as John Butterfield.
But during 2005 the development duo abandoned marketing plans for the second apartment tower while they completed the selldown of Victoria Towers and the base of the second building.

Now, with resource consent in place, they have decided the prospects for the office market are looking strong and have embarked on a marketing programme after sounding out initial inquiry levels.
The office market in Christchurch is relatively small compared to Wellington and Auckland but the three A-grade buildings - the fully or near fully leased PricewaterhouseCoopers Centre, Forsyth Barr House and Clarendon Towers - are all 20 years old.

One other low-level office building has been recently completed by Simon Henry in a more fringe CBD location on Cashel St, leased to IRD at $337 a square metre.

Another more centrally located tower is under construction on the site of the Canterbury Club in western Worcester St near the Avon River next to the new civic office refurbishment project in the former postal centre.

The marketing programme by Colliers for Messrs Tanfana and Leck's new building is likely to compete with Club Tower but they say their rentals will be around $350 a square metre compared with the $400 a square metre being sought by the Club Tower developer Ken Wimsett of Latitude Group.
Hamish Doig, managing director of Colliers in Christchurch, said there was a mood among professional service and high calibre firms to move into more substantial space, and there was very little available at the top end of the market.

Messrs Tanfana and Leck said that while some developers were under stress they had a good relationship with their funder, albeit the usual prerequisite of around 60 per cent leasing commitments would be required.
They also said:

  • Floor plates will range in size from 496-644sq m.
  • Rentals are $350 a square metre on a net basis.
  • Naming rights are available, with a price tag of $20,000-25,000.
  • Initial leasing terms will be 10-12 years.
 

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A Christchurch Son
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Thanks for starting this Flying......it's good to see that developers have confidence in the growing economy of CHC. I'm sure this will have benifits and knock on effects for the rest on the South Island. :lol:
 

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Registered
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I suppose that with increasing fuel prices, there will become more demand for inner city office and residential complexes - preferably high-rise ones.
 

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metroman
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Also looks as though there is a number of new retail areas beginning to spring up around the city. It maybe a good idea to have a thread covering that.:banana::cheers:
 

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adding some nice density :banana:
it may only be 50m or so high but its gonna make vic square look really good, like a real urban park. Now all we need is a couple of nice high rises on the Vic and Whale/Calender Girls site, one preferably over 80m... hopefully keeping calender girls as well ;)
 

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Give em a taste of kiwi
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^^

:lol::lol::lol:

Is that the one on the corner where the Travelex etc. is as well?!
 

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A Christchurch Son
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Dear God....please don't let this one be a hidious cheap mess.

Night night all.
 

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Stadium Geek
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I think it will be a good tower, it's being built by the same developers of Victoria Apartments, which despite it's bad review in the recent ugly building article, I think is a very well appointed reasonably timeless building. From the early renders this new office tower looks mostly glass which is always a good start, considering it appeared that the developers of C1 seemed to be either terrified of or allergic to glass. Go CHCH, a couple more around Vic square will make this a mint part of town.
 

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A Christchurch Son
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Any site of work starting here boys?? They said by October.

This one so needs to happen.
 

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Stadium Geek
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That's a shame, it's a good looking building. by the way how do i post the pic so that it shows on the thread? not just a link....
 

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Resident Planner
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Write
Code:
[Img] before the image address and then [/Img] after it
Or go to advanced and click the picture icon.
 

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A Christchurch Son
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Stadium Geek
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mmm, still it's nice to see 3 cranes on a skyline, for the longest time there was no action in chch. Any action (including C1 and all the 14ers going up) is better than no action at all
 
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