| 13 T T Kelly Deeks A feel for what the tenant needs The new 3400sqm bulk retail development on Kermode Street now houses Briscoes as well as answering local demand by bringing Rebel Sport to town. Canterbury Property Investments Ltd: Ashburton Bulk Retail REGIONAL DEVELOPMENT It’s steady as she goes on the development front for long-term investment company Canterbury Property Investments (CPI), which has been flat-out in recent years and instrumental in the post-earthquake rebuild of Christchurch City, as well as providing new bulk retail complexes in Rangiora and Ashburton. “It’s project by project at the moment, as interest rates are high and lending is hard,” says CPI manager Lynley Shaw. “We need to see where the market is and what opportunities there are. We like to have our tenants confirmed before we start any project, because we like to build and retain all of our properties. “We’re not spec investors, so it’s important we get a feel for what the tenant is needing, then try to find the right site and the right solution for that tenant.” CPI directors Craig Newbury and Miles Yeoman are both Christchurch born and bred and committed to contributing positively to the region. The earthquakes created a lot of opportunity with so many buildings coming down and needing to be replaced, so CPI put its hand up and got stuck in. Projects of note include a new building for the Employers Chamber of Commerce on Kilmore Street, the Warren and Mahoney building on Montreal and Manchester Streets, Corianders restaurant on St Asaph Street, a redevelopment of the Funky Pumpkin site on Colombo Street in Sydenham, the eight-cinema complex Silky Otter in Wigram, and the 46-room Quest Hotel on Manchester Street which led to the conversion of a Cambridge Terrace office building into an 84-room Quest Hotel recently completed and handed over. A third Quest Hotel is now under planning. A two-year CPI development to relocate tenant Work and Income NZ from New Brighton to Rangiora included further tenants Warehouse Stationery and Snap Fitness, and led on to another bulk retail development in Rangiora for Briscoes, Supercheap Auto, Animates, Lighting Plus, Push Bikes, Motus Health, Triton Hearing, and Hagley Aluminium. CPI functions through word of mouth with one project often leading to the next, and this was the case here too. Working with Briscoes opened the door to conversations about assisting Briscoes with new premises in Ashburton, where the homeware store had outgrown its premises and needed to move to a larger site. The new 3400sqm bulk retail development on Kermode Street now houses Briscoes as well as answering local demand by bringing Rebel Sport to town. A 200sqm Black and White Cafe completes the development, just as the development itself really finishes off that part of Ashburton’s city centre. As a long-term investment company, CPI owns assets outright or partners with investors in joint ventures such is the case with this Ashburton development. While CPI is always looking for the next opportunity, Craig and Miles believe slow and steady wins the race, and they are now focused on keeping connected with their tenants, supporting them through the ups and downs of trading through the recession, and making sure they are in a good position to act once confidence increases and the interest rates come down. “Because we build and retain, we like to foster long-term relationships with our tenants. We’re only interested in building properties that are really good at meeting their purpose, and working with our tenants to make sure everyone gets to the other side.” “We’re not spec investors, so it’s important we get a feel for what the tenant is needing, then try to find the right site and the right solution for that tenant.” Proudly supporting Canterbury Property Investments Ltd
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