The Christchurch retail precinct development formerly known as Cashel Square, fronting Hereford and Cashel streets, will now be named BNZ Centre.

BNZ head of properties, Steven Culpan, says the bank will identify its base of 200 staff in the Christchurch central business community with the BNZ name.

“It is important to recognise our presence in the revitalised CBD with our name and we are proud BNZ Centre will occupy such a prominent site in the heart of the Christchurch retail precinct,” said Culpan.

Stage 1 of BNZ Centre will be complete in quarter three of this year and will house 1729sqm of retail space. Stage 2 will comprise 3077sqm of retail and is expected to begin trading at the end of 2016.

The BNZ Centre developer is Lichfield Holdings. Director, Nick Hunt said he is pleased BNZ has taken a lead role in tenanting the complex which includes the naming rights for the development.

“BNZ Centre is progressing well. A significant part of stage one of the project is already visible from Hereford St and Cashel Mall. The steel for stage two will be seen rising above the fence in coming months. We’re confident BNZ Centre will be finished for Christmas 2016,” Hunt said.

“Cashel Mall has always been an iconic shopping centre and BNZ Centre will enhance the retail experience in the area and Christchurch as a whole. This development is a real opportunity to revive Cashel Mall as the principal retail experience in Canterbury.’

Colliers retail leasing broker, Nick Doig, says demand for space in the central city retail precinct is gathering momentum.

“BNZ Centre will be a prime location with multiple leases currently under negotiation with key retailers,” Doig said.

BNZ’s offices and partners business centre will occupy 2985sqm of the top floor of stage 2 fronting Cashel St. BNZ’s retail store will occupy 477sqm of the ground floor of stage 2 on Cashel St on the eastern side of the complex.