26 | DEVELOPMENT Canterbury Property Investments Ltd: Ashburton Bulk Retail Ashburton project 5 years in planning T T Karen Phelps In the aftermath of the Christchurch earthquakes it was a number of key developers who were willing to take risks and invest in the new city. One was Canterbury Property Investments, which has been operating under the radar completing a number of commercial developments in Christchurch and Canterbury. Directors Craig Newbury and Miles Yeoman, both local born and bred, say they are passionate about contributing positively to the region and helping it get back on its feet. “The earthquakes created a lot of opportunity with so many buildings coming down and needing to be replaced,” says Miles. “So we put our hands up and got stuck in.” In the years immediately following the earthquakes there was a lot of uncertainty so the pair, who had tenant Work and Income NZ in a building in New Brighton looking to relocate, completed a two year development in Rangiora, which also included Warehouse Stationery and Snap Fitness. This led on to another bulk retail development in Rangiora, delivered in 2017, which is home to Briscoes, Supercheap Auto, Animates, Lighting Plus, Push Bikes, Motus Health, Triton Hearing and Hagley Aluminium. Craig says the company functions through connections and word of mouth with one project often leading onto the next, which was the case with this development. Working with Briscoes opened the door to conversations about assisting Briscoes with new premises in Ashburton leading to a current project. It will see bulk retail spanning 3400sqm housing Briscoes and Rebel Sport plus a 200sqm Black and White Café. Located in Kermode Street, the project is a joint venture with a private investor and is due to be completed in the first quarter of 2023. Craig says that identifying the right opportunities takes time. This recent project in Ashburton is a case in point; it has been five years in the making. Canterbury Property Investments was started in 2011 and is a long-term investment company, owning assets outright or partnering with investors in joint ventures. Craig had worked in financial services for over 20 years and founded New Zealand Home Loans in Canterbury, building it into the most successful business within the group achieving the Group’s Best Business title for some 11 years out of 13. Specialising in home lending and insurance it completing over $1.2b of lending along with over $6m of annual insurance premium. At its height Craig says it represented some 25 - 30% of the groups total production with four locations, running a total team of around 50 people. The culmination of this was successfully selling the company and moving into Canterbury Property Investments with Miles, a seasoned developer who had been in partnership with another developer previously delivering properties such as Hazeldean Business Park. Other projects in Christchurch completed by Canterbury Property Investments include a building for the Employers’ Chamber of Commerce on Kilmore Street, a redevelopment of the Funky Pumpkin on Colombo Street, the 46-room Quest Hotel in Manchester Street. This has led to a current project – conversion of an office building in Cambridge Terrace, which will deliver an 84-room Quest Hotel in the first quarter of 2023. Canterbury Property Investments has also completed the Warren & Mahoney Building on the corner of Montreal and Manchester Streets, Corianders in St Asaph Street and the eight-cinema complex Silky Otter Wigram. The pair says they are always looking for the next opportunity, and have a couple of projects in the pipeline. They partner with people who don’t have the capacity to deliver project via their good relationships with the construction industry, real estate agents and tenants. “We are a long term investment business that identifies good cash-flow opportunities,” says Craig. “We love debt repayment and believe slow and steady wins the race. Proud to support Canterbury Property Investments
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