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Multi-Million Dollar Lincoln Road Development

Media release, for immediate release, 25 November 2003

Multi-Million Dollar Lincoln Road Development Unveiled

Work is starting on transforming the former Press paper store into a multi-million dollar office and retail development.

The building at 359 Lincoln Road is being converted into a two-storey office and retail complex. Another office and retail block is being built on the site as well as purpose-built premises for New Zealand's first car-wash cafe.

DIY Investments Director Miles Yeoman says his company's development is going to change the face of Lincoln Road.

"This is one of the first properties you see when you enter Lincoln Road from Moorhouse Avenue and at the moment that first impression is not good. We are transforming this old building surrounded by barren wasteland into a major retail and office opportunity," says Miles Yeoman

When completed, the site will provide office and retail space ranging from 136m2 to 1500 m2 with generous car parking and extensive landscaping.

Simes Marketing Agent Blair Young says there's a shortage of good quality, large-scale office and retail space.

"This development, which is just minutes from the four Avenues, will fill that hole in the market while providing businesses with excellent profiling and over 120 on-site carparks Ð a rare bonus," says Blair Young.

Christchurch City Council traffic counts show the number of cars travelling daily down Lincoln Road has jumped from 18,471 in 2001 to 21,468 this year.

The existing building at the site was built in the 1950's to a government ordinance of the time to withstand acts of war, earthquakes and floods. It was the original home of The Press newsprint store and was constructed in this way to ensure the reliability of our daily paper.

"We saw a huge opportunity with this site. Once our development is complete, this solid old building is essentially going to be like a new building. It will be architecturally stunning and offer competitive rentals, which are achievable due to the cost savings of using the existing building," says Miles Yeoman.

Preliminary work is now starting on the site. Construction will begin before Xmas with the first task being the new premises for the Coffee & Clean car-wash cafŽ, which is utilising the triangular corner of the site adjacent to the railway line.

Coffee & Clean owners Andrea and John Deely are really excited about relocating to the site early in the new year. They say this development provides them with the perfect space for their expanding business.

Blair Young, who is jointly marketing the site with Noel Gilchrist from H.G. Livingstone Ltd, says they are now seeking expressions of interest from retailers and office tenants.

ENDS

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