D.I.C. building set for radical transformation

Press, 13 June 1979, Page 1

D.I.C. building set for radical transformation

Radical restoration is planned for the D.I.C. building in Cashel Street, to make it a plush arcade of shops and offices. D.1.C., Ltd, will sell the building to Paynter and Hamilton Property Developments, a joint-venture company formed by the Christchurch building and timber milling group, Paynter and Hamilton, Ltd, and a Wellington developer, Cromwell Property Resources. The buyers have decided against demolition of the building, which is 85 years old and was closed last

August when D.I.C. and the neighbouring Beath’s department store amalgamated. Miller’s Ltd, will lease 6500 sq ft of retail space in the renovated building, according to a statement by Paynter and Hamilton Property Developments. Miller’s has looked for new premises after the sale of its Tuam Street building to the Christchurch City Council. According to the statement, several other big retailers are already interested in moving into the renovated building, which

will be called Cashfield. The sale price has not been disclosed. Estimates had not been completed on restoration costs, said Mr G. J. Bringans, a director of the joint-venture company. It had been expected that the D.I.C. building would be demolished after its sale, but Mr Bringans said that the high cost of rebuilding on the site had ruled this out. The three-storey building would need more strengthening against earthquakes, but it was basically sound, said Mr Bringans. Much of it was already steei-framed, he said. The buyers are confident of a demand for the new retail and office space in Christchurch. They planned to recoup on the 136,000 sq. ft in shop floor space in the central city over the last nine months, said Mr Bringans. The company had not had to approach any possible lessees, he said.

“Basically, we have been able to enter the market offering rentals below peaks reached in Christchurch recently,” he said. The leasing of space not already reserved will start next week.

Another director, Mr J. R. Paynter, said: “There is plenty of evidence of a resurgence in central city shopping. The building used to be very successful

as a department store, and so there is no reason why it cannot continue to do so.” The renovations will emphasise the Victorian design of the building. The architects, Austin and Warren, plan to return the facade to its original appearance, and continue this through the interior with such features as gas lamp lighting. Two big shafts will provide natural lighting on the ground floor. Agreement has been reached to link Cashfields with the D.I.CBeaths building next door at ground and first floor levels. The Christchurch City Council may consider an “interim mall” development along Cashel and High Street until the loan finance position eases. Policy and finance committee members said yesterday that the idea of blocking off traffic lanes — and placing street furniture and plantings along the future mall — had not been ruled out, and neither had kerb flattening as a second stage before fullscale tiling. The capital works programme shows that $300,000 in loan money for the SI.BM mall project will be raised this year, but a decision to raise that loan has not yet been made.

Artst’s impression, Page 6.