A prime commercial asset in the heart of Sydenham presents a rare dual-tenancy opportunity, combining long-term rental security with the flexibility of owner-occupancy in Christchurch’s thriving city-fringe market.

Bayleys Christchurch Industrial Sales and Leasing senior broker Graeme Donaldson is marketing the property for sale by deadline, closing at 4:00 pm on Thursday, 13th March 2025 (unless sold prior), alongside colleague Jesse Paenga.

Donaldson says the nearly 1,000sqm (more or less) freehold site, held in two titles at 446 Colombo Street is anchored by a well-established supermarket tenant on the ground floor and complemented by a modern, high-spec office space above, offering immediate cash flow, with the potential to add value.

“Constructed post-earthquake in 2013, the tilt-slab building spans 838sqm (more or less) over two floors, features excellent visibility to Colombo Street – one of Christchurch’s key arterial routes – with exposure to a high level of passing vehicle traffic, pedestrian foot traffic and direct connectivity to the central city and surrounding suburbs.

“The property’s dual-tenancy structure de-risks exposure, offering immediate cash flow from a well-established supermarket tenant while providing an owner-occupier with the opportunity to position their business in a premium location.”

The ground floor is tenanted by a popular Indian supermarket, which has a five-year lease commenced in September 2023. Donaldson says that with multiple renewal rights extending to 2053 and an annual net rental of $123,700 plus GST, the tenancy provides long-term stability.

The first-floor office space, spanning approximately 416sqm with an eight square metre (more or less) balcony, is currently vacant – providing a prime opportunity for an owner-occupier or investor to add further value.

The office features a high-spec fit-out, lift access, HVAC system, multiple partitioned offices, a shower, and supporting amenities.

Bayleys Christchurch Capital Markets and Corporate Leasing director Jesse Paenga says the adaptable offering caters to investors seeking a robust income stream, and business owners looking to secure a foothold in one of Canterbury’s most dynamic commercial hubs.

“Well-located commercial assets with a mix of secure tenancy income and vacant possession are increasingly desirable. This property’s modern construction, strategic positioning and dual revenue potential make it an astute acquisition for a wide range of buyers.

A total of 17 on-site car parks, accessed via adjacent Penbury Street, further enhance the property’s functionality – offering a rare convenience in Christchurch’s city-fringe market.

Paenga says that being zoned Commercial Core, the site benefits from strong underlying land value, bolstered by Sydenham’s ongoing commercial strength.

“With its proximity to the CBD, excellent transport links, and a business-friendly environment, Sydenham continues to be a magnet for commercial activity. The area’s growth and potential for capital appreciation is supported by key infrastructure and commercial developments taking place across Christchurch, which continue to solidify its position as a premier investment destination.”

Paenga says that Christchurch’s commercial property sector remains resilient despite broader economic fluctuations, with well-leased, modern buildings priced below $10 million continuing to attract competitive interest.

“Opportunities to secure a high-performing commercial asset with a strong tenant covenant, immediate income and future upside are increasingly rare. Investors and owner-occupiers will recognise the strength of this offering and its potential to deliver sustained returns.”