Disappointed residential investors and developers who’ve missed out on recent sales in Christchurch will have another opportunity when a prime site goes under the hammer in early December.
The property is Tuscany Mews, a six-apartment ‘as is where is’ insured complex, centrally located between the city centre and the prestigious suburb of Merivale, at 90 Springfield Road.
Marketed by investment specialist Courtney Doig of Colliers Christchurch, the fully occupied complex is slated for auction on 9 December.
Doig has negotiated several ‘as is where is’ multi-unit sales together with a growing number of bare land sales in the city centre and fringe – most recently the former St Albans Bowling Club complex at 5 Donald Place in Merivale.
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“This property in Springfield Road has both investment and development potential. The apartments are all occupied delivering significant cashflow, while the underlying land is favourably zoned Residential Medium Density,” Doig says.
“The property’s exceptional rental history, paired with the opportunity to completely redevelop, ensures it will be an attractive prospect to a variety of buyers.
“Covering 1022sq m, the site is ideally formed and regular in shape, ensuring developers could maximise full use of the property.”
Each apartment is well-proportioned and features two double bedrooms with walk-in wardrobes that are accompanied by a bathroom.
The spacious layouts have north-facing balconies for outdoor living while offering double garaging and off-street space for added convenience.
Enjoying easy access to Merivale, Edgeware and the central city, Springfield Road is also zoned for excellent education options to provide an effortless lifestyle for a range of residents.
Constructed from concrete tilt panel and gated for peace of mind, there is full documentation available to prospective buyers.
“Over the past couple of years, in particular, we have seen a sharp rise in interest from developers and investors alike in residential sites in and near the Christchurch central city,” Doig says.
“Now that the rebuild is well advanced, people are recognising the value of living closer to town for both work and leisure. Office vacancy in the CBD is low, cycling and walking to work is growing in popularity and the city is an increasingly vibrant place to be.”
- Article supplied by Colliers
