CBRE is pleased to present to the market a true Christchurch landmark building, the 'Pegasus Arms', located at 14 Oxford Terrace.
Trophy freehold investments at a highly accessible price point rarely become available for sale. This offering is truely unique with its riverfront outlook, prime CBD location and distinctive character building.
With a current net rental of $80,500 (c. $200/sqm), this property offers investors substantial rental growth potential. A current lease expiry of May 2026 and final expiry in May 2030 represent key milestones that could unlock value enhancement with strategic asset management. Subject to planning approvals, under the Central City Mixed Use (South Frame) zoning, future uses could include the likes of health, office, retail, entertainment, recreation, education and visitor accommodation.
This north facing riverfront site is located in Te Papa Hauora/Health Precinct, the central hub for Christchurch's major medical services. This hub integrates top-tier healthcare, research, innovation, education, and industry. Key partners include Health New Zealand, the University of Otago, the University of Canterbury, and Ara Institute, with over $1 billion in public and private investment in the area. At the Eastern boundary of the property is the South Frame public laneway. This is currently being utilised as a construction zone for the c. $270m University of Otago School of Medicine campus. Upon completion, it's anticipated that this laneway/public space will offer excellent access to the river and foster unique interactions with the frontages of each privately owned property along the lane.
‘The Pegasus Arms’ is more than just a pub; it’s a piece of the city’s living history. Originally built as a cottage in the 1850’s for the early settlers who arrived in Canterbury before the first four ships. The site has a rich history as a medical practice and later as a publishing house for Pegasus Press from 1952 to 1987. Transformation occurred in 1990 with a significant renovation into a restaurant and bar, successfully enduring the earthquakes of 2010–2011. Today, it is a listed heritage building, reflecting its colonial, medical, and literary significance in the city. A 2020 DSA states the building as being 40% NBS, with associated scheme plans to achieve 70% NBS.
The vendor has received subdivision consent with titles expected by year end (subject to change), now enabling purchasers the standalone opportunity to purchase this Christchurch icon.
This landmark property is being offered for sale via auction at 14 Oxford Terrace (riverfront) on Thursday, 4th December 2025 at 11am (unless sold prior).
Contact the sole agent Cameron Darby for more information.
