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The property, owned by a syndicate of local investors, went on the market this week.
The shopping centre land and buildings only includes a 3564-square-metre Countdown Supermarket and retail stores. It is for sale by deadline private treaty, with offers due by November 5 unless sold prior.
Tim Rookes, the managing director of real estate firm CBRE Christchurch, says there is 5790 sq m of lettable area on a 27,021 sq m site, which fronts on to Carters Rd (State Highway 1), with access also off Amberley Beach Rd.
He says demand for supermarket-anchored investments is at an all-time high in the Covid era, given that they are tenants that provide an essential service.
“CBRE has been instructed to sell the land and buildings as a tenanted investment,” he says.
“We are not aware of any tenant movement within the centre.”
Mr Rookes says the climate for commercial sales is pretty tough.
However, there had been unprecedented results in the commercial sales space this year.
This was notwithstanding the arrival of Covid-19, with record sales in Christchurch, numerous inquiries on one property asset worth more than $5m, and more than 212 qualified parties enquiring about the Terrace Downs golf resort, which sold recently.
“We are seeing a real spike in owner-occupier enquiry, fuelled by low interest rates and the likelihood of negative interest.
“We have also seen the introduction of the service’ tag, which is seen as valuable as a government tenant.”
This applied to Brackenfields, with Countdown as the anchor tenant. “As such, expect Brackenfields to attract good national interest as supermarket-anchored investments are seldom available for purchase.”
The centre opened in May 2014, with a core group of about half a dozen retail outlets joining Countdown.
However, a small number of other tenants have quit, and some retail spaces have never been tenanted in the past 6years.
The centre has plentiful parking, and at one time there was a proposal for a tavern in the southwest corner.