A low rise apartment complex in Salisbury Street is the most significant ‘as is where is’ body corporate in Christchurch to come to the market since the earthquakes.
More commonly referred to as Wilton Close, the offering comprises 37, two and three bedroom apartments strategically located on the north side of Salisbury Street between Madras and Barbadoes Streets. Each apartment has one or two carparks.
The award-winning property was architecturally designed by Cymon Allfrey, with outdoor terraces or balconies overlooking a communal green square in the centre of the complex.
Colliers Investment Sales Broker Courtney Doig has successfully negotiated the sale of circa $50 million of some of the most complex body corporates in Christchurch since the earthquakes.
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She says the Wilton Close owners have now settled with their insurer and are keen to sell. Only units 201, 302 and 805 are not included in the sale.
“This is a large and highly attractive complex that will provide the new owner with substantial holding income while planning their repair strategy.
“Built in 2008, its timeless architecture is still very current in today’s market, having been constructed to the highest of standards in quality finishes and materials.”
The property occupies a total site area of approximately 2,812sq m and the apartments enjoy either north west or north east outlooks.
Doig says Wilton Close is ideally positioned for inner city living; a gentle stone’s throw from the nearby Avon River walkway that meanders past the Margaret Mahy Playground, connecting to the city’s anchor projects including Te Pae Convention Centre and the proposed Christchurch Multi Use Arena.
She says the main driving factor in ‘as is’ body corporate sales is to avoid the challenges associated with undertaking a repair or rebuild with a collective set of owners, all with differing views.
“Ten years on, it has been a long drawn-out process for many owners and they are now in a position to settle with their insurers and want to move on with their lives.”
She says ‘as is where is’ multi units attracted strong buyer demand and there is still a keen appetite for them.
Wilton Close is for sale by deadline private treaty, closing March 18.
