The Kathmandu head office building is to be sold off the plans by developers Kew Innovation.
The $20 million building is located in Christchurch’s Innovation Precinct, on the corner of Tuam and Madras Streets.
The three level building was bought by the developers in 2003, and will have a total net lettable area of approximately 4500sqm, with total rent $1.5 million.
The building is expected to be finished in early 2016, with Kathmandu acquiring a ten year lease with rights of renewal. Up to 300 Kathmandu staff will work in the building, which will have a certified 5 Green Star Design and Built rating.
The property runs from 223-231 Tuam Street, covering 2055sqm. It is for sale by deadline private treaty closing October 10, 2014.
The Kathmandu building is adjacent to the new $50 million Vodafone development, which has also been sold off the plans.
“After the success of the Vodafone sale to private high net worth investors, we expect the Kathmandu building to be similarly keenly sought,” Christchurch’s Colliers International GM, Jonathan Lyttle, said.
He said that Kew had always intended to sell the design build following the securing of a long term tenant.
“Kew develops high end buildings on the tenant’s behalf, attracting investors once all of the development fundamentals are agreed and programmed. Kew’s development managers, SD4, are well known throughout New Zealand for their work on many premises for corporate occupiers.”
