56 | New outlet boost for central city The 950sqm store occupies a second-level space above existing retailers and is part of a broader transformation of a building that has experienced a stop-start history since the earthquakes. OLT Properties T T Kelly Deeks “The project had challenges, particularly with engineering and time frames.” DEVELOPMENT Christchurch’s central city is seeing renewed retail activity with the opening of the new Chemist Warehouse on High Street in December, a development the landlord says is already benefiting surrounding businesses. The 950sqm store occupies a second-level space above existing retailers and is part of a broader transformation of a building that has experienced a stop-start history since the earthquakes. For OLT Properties, the landlord behind the project, the development represented both a commercial opportunity and a major engineering challenge. Asset Manager Matt Sanson says the site had been empty for more than two and a half years after an international language school left during COVID-19. “The space was custom configured for that operation, and we were unable to attract the same type of tenant,” he says. “Changing the use to retail has been a game changer for the property.” The transformation was extensive. Around 1000sqm of floor space required strengthening to accommodate retail shelving and stock. Mechanical services were replaced, and two and a half existing tenancies were demolished to make way for escalators and a new fire escape. The area was refitted to re-house those tenants, Crocs and SuRa Sushi. Above the sushi shop, 150sqm of office space has been converted from accommodation to office use. Matt says the location is ideal and OLT aimed to create a boutique-style office space in the upper levels to complement the retail focus adjacent and below. “The project had challenges, particularly with engineering and time frames,” he says. “But overall it went very smoothly. We met our financial targets and completed it on budget.” He credits strong relationships with expert contractors and project partners for the success. “The biggest highlight has been opening the store and seeing the positive impact it’s having on neighbouring retailers,” he says. Foot traffic has already increased significantly. Matt estimates around 1500 customers are now passing through the escalators each day. “It’s benefiting retail in the area, which has been challenged over the past couple of years. Having people back in stores, spending money on retail and hospitality, is helping the city regain momentum. It’s really encouraging to see that energy returning.” For OLT Properties, the project reflects a wider approach to adaptive reuse of city buildings. Matt says converting former educational spaces into retail and office use has strengthened the building’s commercial viability. “We’ve seen a real acceleration in retail activity over the past few months. The city is starting to feel like a city of the future, and projects like this are a big part of that.” As central Christchurch heads into 2026, the presence of Chemist Warehouse is expected to continue supporting surrounding retailers and helping draw customers back into the city. “This store is not just about Chemist Warehouse,” Matt says. “It’s about supporting all the retailers around it, building confidence in the central city, encouraging more property owners to invest, and helping the central city to feel vibrant again.” p. 03 331 6026 www.peterdunbar.co.nz OLT PROPERTIES PROUD TO SUPPORT
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