A large mixed-use development site in a prime location adjacent to Lincoln University on the outskirts of Christchurch has come to the market for the first time since the 1960s.
The site was previously occupied by AgResearch, one of seven Crown Research Institutes in New Zealand. Earlier this year, it moved to a cutting-edge new facility next to Lincoln University.
Marketed by investment sales specialists Marius Ogg and Mark Macauley of Colliers Christchurch, 1365 Springs Road, Lincoln is for sale by deadline private treaty, closing 26 September.
The site is currently being partially subdivided. When complete, the balance site to be sold will measure 4.6912ha and comprise a prominent landholding situated to the south-eastern corner of Springs Road and Gerald Street, directly adjacent to Lincoln University and the new AgResearch facility to the west.
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To the east is a New World supermarket and commercial precinct and the recently established housing development Lincoln Grove.
Under the Partially Operative Selwyn District Plan, almost 90 per cent of the land is zoned Medium Density Residential with the remainder forming the Special Purpose Knowledge Zone, which complements the activities of both Lincoln University and the nearby Crown Research Institutes.
"This is a substantial development opportunity comprising a mix of potentially green and brownfields development, and is now surplus to requirements for AgResearch," Ogg says.
"It's a prime and logical residential infill development block, with flexibility on possible use for the improvements towards the road frontage."
The property is in two effective components, with the first including a largely vacant land area of approximately 2.6ha to the rear, accessed through the centre of the site or potentially via Kakahi Street to the east.
Secondly, near the front of the site are various buildings comprising approximately 7,500sq m of floor area being sold as is, where is .
Macauley says the buildings lend themselves to a range of potential options or they could be demolished to make use of the underlying zoned land.
"With usable improvements situated between Lincoln University and the retail hub, together with limited available titled sections in the Lincoln township, there are abundant options for the astute developer."
Springs Road is a main arterial route linking rapidly expanding Lincoln with Prebbleton and Christchurch city to the north.
- Supplied by Colliers
