The last remaining substantial ‘as is where is’ apartment complex in Christchurch has come to the market for sale.
The Madison Apartments are located at 400 Durham Street North in the increasingly gentrified area between Bealey and Gracefield Avenues.
Built in 2003, the north-facing complex comprises 40 units that are still occupied and the body corporate has agreed to sell.
For sale by tender, closing 23 November, it is being marketed by Courtney Doig, Investment Sales Broker at Colliers Christchurch, who has sold several ‘as is where is’ body corporates over the past decade.
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“Madison’s body corporate has finally settled with their insurer, and owners are now keen to move on. It will have excellent appeal for commercial and residential value-add investors or contractors looking to put their team to work,” Doig says.
“These apartments are still occupied, providing the buyer with the benefit of significant holding income while planning the repairs.”
The four-level complex consists of one, two and three-bedroom apartments with either balconies or ground-floor courtyards.
The units enjoy stunning landscaped communal areas, an indoor heated lap pool, and gym. The secure basement caters for one and two car parks per unit. The total land area is 2,779sq m.
Doig says Madison occupies a fantastic central city location, close to the CBD and the Victoria Street precinct. An added advantage is the sought-after zoning for Christchurch Girls’ High School and Christchurch Boys’ High School.
“The main motivation for owners wanting to sell units like these is to avoid the challenges associated with undertaking a repair with a collective set of owners, all with differing views. More than a decade on, it has been a long and complex process for owners, and they are now looking forward to the prospect of starting afresh.”
She says ‘as is where is’ multi-units attract strong buyer demand and there is still a keen appetite for them.
“The Madison Apartments are a particularly good example of the type of inner city living that’s popular – a low maintenance architectural executive, secure complex.”
Ben Ensor, Madison’s body corporate chair, has had his unit for eight years and says the owners are relieved to have finally settled. Although it was “bittersweet”, they are pleased to take the apartment complex to market now.
“There’s quite a mix of people living here with different situations. For some, the Madison was their first home and now they have young children and need something bigger, others are retired, and there are some people who rent.
“It’s a great complex, in such a good spot. It’ll be a great project for someone.”
- Article supplied by Colliers
