Slice of colourful Christchurch history for sale
The century-old Christchurch building with its impressive brick facade that was once the scene of many a frenzied bidding war is being marketed by Bayleys Canterbury with offers to be received by 2 December.
Marketing agent Ben Murphy says the former Canterbury Horse Bazaar at 46 Bedford Row is steeped in local history and with three road frontages (to Bedford Row, Lichfield and Madras Streets) is a very high profile site which should appeal to an astute investor.
“The location is a strategic one given that there is plenty of future development work scheduled to take place in this area. The Christchurch City Council have committed to the revitalisation of the inner city and in recent years established the Central City Edge Zone which will allow for a mixture of usage activities in the area that this building falls within,” says Mr Murphy.
“Consent was also recently given for the redevelopment of the old Turners and Growers site nearby – bounded by Madras, Lichfield, Barbadoes and Tuam Streets - with plans to establish a central city urban winery and village. This can only enhance the future potential of 46 Bedford Row.”
The 937sq m building used to ring to the sound of auctions by Henry Matson and Co Limited, who were best-known in Christchurch for their horse auctions prior to the introduction of motorised transport. They were a multi-faceted auction house with Thursdays traditionally seeing the skin and hide sales and Saturdays the grain sales. Stock sales were held off-site throughout Canterbury but mainly at the Addington yards, while the land auction room in the first half of the 20th century saw the majority of Canterbury’s principal properties change hands under the hammer.
The old auction rooms went into decline for many years until the building was upgraded in 2000. It now has a Category II Historic Places Trust rating meaning it is ‘a place of historical or cultural significance or value’. Earthquake strengthening improvements have been made in recent times and a mezzanine level has been added to the Bedford Row frontage.
Now fitted out as a bar and entertainment venue, the building is currently being subleased and operates as ‘The Bedford’.
“The Bedford, which is run by Multi Events Limited, hosts music ‘gigs’ with artists that are not generally mainstream and therefore need a smaller venue rather than the more usual concert arenas,” says Mr Murphy.
“The current operators - and our vendor – are close to concluding negotiations on the commencement of a new six-year lease, which will replace the current lease arrangements. However, the current net rental is $150,000 per annum.”
The property is owned by investor and developer Simon Henry who now bases his business operation in Auckland and hence is divesting his company - Rapaki Properties – of its South Island interests.
