Manawa building sells in largest office transaction ever in Christchurch

10 November 2021Media Release

Author: Marta Steeman

Christchurch has recorded its highest-priced office building sale, for about $80 million.

The seven-storey Manawa office building on Oxford Terrace near Christchurch Hospital in the city’s new Te Papa Hauora/Health Precinct was bought by Dutch national and retired lawyer, Wolf Herwegh Vonk, who moved to New Zealand with his family last year. They are living in Auckland.

Herwegh Vonk bought the building from Chinese property development company Huadu International which bought out the original NewUrban Group, a joint venture between Huadu Construction and local investors John Fairhall and Bert Govan.

Despite the Covid-19 lockdowns the property attracted more than $1 billion of offers from New Zealand and overseas investors.

It houses more than 2000 Ara nursing, midwifery and medical imaging students along with Canterbury District Health Board education and development staff and University of Canterbury staff.

CBRE NZ brokered the sale and CBRE managing director in Christchurch Tim Rookes said it was the highest value single office building sale in the city.

The sale demonstrated the increasing attractiveness of good-quality, long-term commercial property investments in Christchurch.

Sole agents of the property sale were Savills New Zealand with CBRE bringing in the successful buyer.