Ōtākaro Limited has today for a second time successfully completed the sale of the building at 224 Cashel Street, Christchurch, to Huadu International Management Group Limited (HIMG). The first attempt was with developer Patrick Fontein.
HIMG plans to redevelop the former IRD building into a combined training and research medical facility specialising in the field of dementia care, incorporating retail and hospitality into lower levels.
The sale includes the adjoining Cashel Chambers and car parking building. The purchaser has requested the price remains confidential.
“The eight storey, 16,000m2 building is one of the largest in Christchurch. Its redevelopment will be another significant step forward for the CBD,” says Ōtākaro Limited Chief Executive, John Bridgman.
“The sale delivers both positive regenerative and commercial outcomes, as the restored parking building will provide further amenity for One Central residents.”
224 Cashel Street has been assessed to be between 45% and 50% New Building Standard and has been sold ‘as is, where is’.
HIMG Chairman, Jianping Wang, says “The new facility will become a nationally significant ‘Centre of Excellence’ for research, training and the development of dementia care related opportunities, catering for future demand which is expected to grow exponentially.”
“It will also allow for retail, hospitality and community health business, that will help service the East Frame community. Any interested businesses are invited to discuss with us this exciting new chapter for Christchurch.”
Huadu Developments expects to get the redevelopment work underway in early 2021.
A few years ago Ōtākaro Limited selected Studio D4, led by Patrick Fontein, to develop the building and the Cashel Chambers and carpark. Mr Fontein’s projects, including the Vodafone, Kathmandu, Dux Central, Lichfield Lanes and Innovation Carpark developments, have played an integral part in the success of the Innovation Precinct.
This was going to become a hub for learning but unfortunately that project as exciting as it was never happened. Hopefully this new proposal, although outside the original scope of the precinct takes off and is successful.