Further development of Shades precinct

Press, 28 August 1986, Page 28

Further development of Shades precinct

’ The Shades retail precinct in Hereford Street is to be further developed. * Mainstay Properties, Ltd, the Christchurchbased property developer which owns Exchange House and Stage 3 of the complex announced yesterday that the basement of Exchange House is to be developed as a restaurant and wine bar, probably to be known as The Vault.

The basement of Exchange House was formerlv the security area

containing the safes for the Westpac Bank. Access to The Vault will be by way of a tiled and covered entry between Exchange House and Whitcoulls, with a second entry inside the Shades complex. The chairman of Mainstay, Sir Ronald Scott, said that plans for the 3200 sq ft basement had been completed and it was hoped work could begin immediately with a view to completing the new development before

the end of the year. “When Mainstay acquired Exchange House and Stage 3 of Shades earlier this year I said the area was capable of further development and we believe these new facilities will add to the growing attraction of the whole Shades retail area for the people of Christchurch,” Sir Ronald said. “This is by no means the completion of the development potential of this prime inner-city oroperty,” Sir Ronald

added. Sir Ronald also announced that Mainstay had received FIRB approval for its current 20 per cent shareholding in Dawes Australia, Ltd. Mainstay acquired the shares in off- and onmarket transactions earlier this year after identifying Dawes as the ideal vehicle to obtain a worthwhile presence in Australia to take advantage of investment opportunities there.