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10 July 2014

Grand Hotels International to redevelop Christchurch site

On 23 September 2013 Grand Hotels International (GHI) announced that Christchurch City Council (CCC) has approved Resource Consent for rebuilding on their Cashel Street site, which is within the Central City Business Zone of Christchurch.

After careful consideration of the conditions of the original Resource Consent approval and the commercial feasibility of undertaking the proposed redevelopment, GHI, through its local entity Grand Central (NZ) Ltd (GCNZ) applied for and obtained a revised Resource Consent from the CCC.


The amended Resource Consent approval is for a 7-level mixed use development with a total height of 32.25 m. The redevelopment has a total Gross Floor Area of approximately 20,430 sqm and will provide one level of 1,585 sqm of retail space, five levels of approximately 12,947 sqm of office space, and associated 66 car parking lots.

The construction period of the proposed redevelopment is expected to take 24 months at an estimated cost of NZ$75 million (excluding land cost).

GCNZ has been recently shortlisted to commence negotiations with the relevant New Zealand government authority (Crown) responsible for co-ordinating leases for various government agencies in Christchurch. Tenancies are expected to be long term and at commercially viable rental rates.

The Crown has agreed to the amended proposed redevelopment. In addition, tenancies have now been confirmed with the Crown for about 62% of the net lettable area of office space for an initial term of 12 years. These are subject to a Development Agreement and the Deed of Leases to be signed between the Crown and GCNZ.

Media Contact Details:
Frank Delli Cicchi, Group General Manager Australia & New Zealand
Grand Hotels International
D +64 4 494 8948 | M +64 27 230 6425 | F +64 4 472 1294 | E grpgm@ghi-hotels.com
Level 2, James Cook Mini Tower | 294 - 296 Lambton Quay | Wellington 6011 | New Zealand

                             

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Address: Corporate Head Office, PO Box 10 047, Wellington 6143, New Zealand
Phone: +64 (4) 473 8607
Email address: enquiries@ghi-hotels.com
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