The Cancer Society is selling two prime accommodation sites in the sought-after suburbs of Merivale and Riccarton in Christchurch.
Proceeds from the sales will help fund the almost $25 million build of its new premises at Langdons Rd.
The accommodation blocks are on prime suburban sites, catering at any given time for 41 guests from throughout the South Island, plus their carers, who are having treatment at Christchurch Hospital.
The former motels, at 91 Papanui Rd and 48 Riccarton Rd, are being marketed by Courtney Doig and Sam Staite of Colliers.
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“These are both excellently located sites, in the heart of popular shopping destinations and close to the city centre. Daffodil House in Merivale lends itself to redevelopment or repositioning for accommodation use, while Daffodil Lodge in Riccarton is ready to occupy,” Doig says.
The properties, both zoned Residential Medium Density, can be bought individually or together and are for sale by deadline private treaty closing 10 March.
Once home to the Cotswold Hotel, the 1690sq m Papanui Rd property comprises 23 units, is adjacent to St Margaret’s College and backs onto Selwyn House School, and Acland House (Christchurch Girls’ High School’s boarding hostel).
“This is a superb complex and the substantial opportunity for the astute buyer lies in future redevelopment or repositioning by adding value to the existing buildings to fully maximise the potential. It lends itself to a variety of future options,” Doig says.
Total floor area is 1262.10sq m, split into 588.2sq m on the ground floor, 588.20sq m on the first floor and 85.72sq m on the first-floor balcony.
The dress circle location is close to the CBD, Merivale Mall and surrounding amenities and is highly sought-after because of its proximity to several independent schools and zoning for others.
Daffodil Lodge in Riccarton Rd was formerly Antonio’s Motor Lodge before being bought by the Cancer Society in 2013.
Comprising 18 units covering 856.20sq m, it sits on 1,450sq m of land. There are 11 studio units, three single-bedroom units and four two-bedroom apartments, plus a three-bedroom manager’s accommodation.
Sitting in the midst of several mixed size motels, together with retail and other commercial accommodation, the site is turnkey-ready for a savvy investor to occupy immediately, Staite says.
The complex is 550m from the bustling Westfield Shopping Centre, the biggest shopping hub in Christchurch, and is in comfortable walking distance to Hagley Park and the CBD. It is also home to the Bush Inn Centre, the nearby Church Corner shopping centres, and the University of Canterbury.
“This is an exciting opportunity for an astute investor or owner occupier to acquire a strategically positioned and well-maintained motel complex with the benefit of a 30m frontage onto Riccarton Rd,” Staite says.
Liz Chesterman, chief executive of the Cancer Society’s Canterbury-West Coast Division, says the sales will provide a welcome boost to money being raised for the new Langdons Rd facility, which will bring all the division’s cancer services and administration, including patient accommodation and support services, under one roof.
“These complexes have served our needs really well because of their proximity to the city centre as well as being close to great suburban amenities such as a supermarket and leisure activities and are highly accessible to people coming from all parts of the South Island. But we’re excited too at the prospect of having all our services housed under one roof.”
The Cancer Society has already secured Crown funding of $6.5 million from the New Zealand Government Shovel Ready Project Fund, paving the way to start work on its new home.
Designed by Wilson & Hill Architects, the premises are scheduled for completion in the first half of 2023 and will cater for up to 800 patients every year who need accommodation in Christchurch while receiving cancer treatment.
- Article supplied by Colliers
