Former Christchurch pizza building for auction

The property at 155 Victoria St, Christchurch, was previously occupied by Spagalimis Pizza. Photo / Supplied

A freehold property that formerly housed Spagalimis Pizza, in Victoria Street, Christchurch, will go under the hammer next month.

The owner, Aveley Company Ltd, has decided to sell it 'as is where is' now that insurance has been settled, says Philip Cooper of Colliers International who, with fellow investment sales broker, is marketing 155 Victoria St for sale by auction on March 8.

The damaged two-level building, on the corner of Dorset St, has a floor area of 816sq m and occupies land of 1206sq m. With dual frontages to both Dorset and Victoria Sts, the site has plenty of onsite parking which previously serviced the restaurant and upstairs offices.

The majority of the site is zoned Commercial Central City Business (CCB), which provides for a diverse mix of use including office and retail. A small area on the western boundary is designated Residential Central City (RCC).

Cooper says the building sustained significant damage following the earthquakes in 2010 and 2011.

"It now provides a great opportunity to add value to the site through a complete redevelopment, or a restructure of the present facilities. This property historically traded well and it offers multiple potential uses."

The extent of the freehold property for sale is indicated by the blue bordered and shaded area. Photo / Supplied

Gilchrist says Victoria St is a well-regarded fringe CBD location, which has seen the significant development of office, retail and hospitality properties since 2011.

"The immediate Victoria Street surroundings comprise primarily low-rise office buildings to both sides of the street, including ground floor retail and hospitality uses. There are also several large buildings in the precinct, cementing Victoria Street itself as a key office and hospitality precinct in Christchurch."