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HIMG plans to redevelop the former IRD building into a combined training and research medical facility specialising in the field of dementia care, incorporating retail and hospitality into lower levels.
The sale includes the adjoining Cashel Chambers and car parking building. The purchaser has requested the price remains confidential.
“The eight-storey, 16,000m2 building is one of the largest in Christchurch. Its redevelopment will be another significant step forward for the CBD,” says Ōtākaro Ltd chief executive John Bridgman.
“The sale delivers both positive regenerative and commercial outcomes, as the restored parking building will provide further amenity for One Central residents.”
The Cashel St building has been assessed to be between 45 per cent and 50 per cent of the New Building Standard and has been sold ‘as is, where is’.
Said HIMG chairman Jianping Wang: “The new facility will become a nationally significant ‘Centre of Excellence’ for research, training and the development of dementia care related opportunities, catering for future demand which is expected to grow exponentially.”
“It will also allow for retail, hospitality and community health business, that will help service the East Frame community. Any interested businesses are invited to discuss with us this exciting new chapter for Christchurch.”
Huadu Developments expects to get the redevelopment work under way in early 2021.