The Colombo, one of Christchurch’s most iconic retail destinations, is offered for sale via an Expressions of Interest (EOI) campaign. The campaign is being jointly managed by Stonebridge Property Group and Whillans Realty Group, with the EOI closing on 12th June 2025.
Occupying a substantial 15,212 sqm freehold site, The Colombo is strategically located only 1.5 kilometres south of Christchurch’s CBD. The property benefits from high exposure to Colombo Street, near the intersection of the major arterial route of Brougham Street, ensuring high visibility and accessibility. The centre offers convenient and accessible on-grade car parking for 251 vehicles (3.2 cars per 100 sqm of lettable area).
Spanning a lettable area of 7,790 sqm, The Colombo is securely anchored by Smiths City on a 12-year lease with options to 2056 and fixed annual increases. The centre also includes mini-majors Flex Fitness and Art Cinemas, along with 27 specialty shops, 12 kiosks, 1 ATM, and 4 office suites. The Colombo features a high occupancy rate of 96% and an attractive weighted average lease expiry of 5.5 years by area. In addition, the majority of specialty leases incorporate fixed growth provisions, ensuring future rental income growth and stability.
The Colombo offers additional income opportunities from leasing vacant space and casual leasing areas. The flexible Local Centre and Industrial General zoning under the Christchurch City Council District Plan also enables significant development potential, positioning the property for future upside. Development up to 22 metres is permitted under the Local Centre zone, with provision for residential uses above ground level.
Philip Gartland, National Partner of Stonebridge Property Group, added, “The Colombo’s strategic location, just south of Christchurch’s newly revitalised CBD, coupled with its prime visibility and flexible zoning, makes it a standout high yielding investment opportunity. With future intensification potential given its wide ranging zoning and height limit (STCA), it represents one of the most compelling retail assets available in New Zealand’s South Island.”
Bruce Whillans of Whillans Realty Group said, “The Colombo represents a rare opportunity to acquire a prime retail asset in New Zealand’s second largest city. With a diversified tenant mix and underlying growth provisions, we expect considerable interest from both local and offshore investors.”
The property is being offered for sale via Expressions of Interest, closing 12th June 2025.
For more information, please contact:
Philip Gartland – Stonebridge Property Group
+61 403 582 324
pgartland@stonebridge.com.au
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