Two prime sites that offer significant development opportunities in Christchurch will go under the hammer on Thursday 7 March at Colliers Christchurch’s first auction of the year.
Courtney Doig, Investment Sales Broker at Colliers Christchurch, says the respective vendors have changed direction, with one changing their product mix and the second shifting to a retirement village.
“Buoyed by a strong local economy, the Christchurch market continued to perform strongly last year, despite softer prices elsewhere, and we’re expecting that trend will continue into 2024,” Doig says.
“We know there was significant unsatisfied demand in 2023 and investors and developers are still actively looking for new opportunities.”
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A large 1,026sq m slice of land in the exclusive Cranmer Square near Hagley Park is set to appeal. The site is being sold by Wolfbrook Property Group, which develops affordable multi-unit complexes in Christchurch.
“Wolfbrook has decided the site at 6 Cranmer Square doesn’t fit their target market of affordable high density residential developments so is looking to free up capital for other investments,” Doig says.
“This is the last clear site in Cranmer Square and offers seasoned developers the potential for a single home, multiple apartments, or a collection of high-end mews-style townhouses.”
Doig says the property’s regular shape allows for flexibility of design.
The Residential Central City Zone provides for a range of housing, including attractive high density living opportunities close to the CBD.
Nestled at the western edge of the Christchurch CBD core, Cranmer Square is a short walk to Hagley Park and the CBD. It’s close to a variety of independent schools such as Christ’s College, The Cathedral Grammar School, and zoned for popular Christchurch Girls’ High School and Christchurch Boys’ High School.
The second site is on Holly Road in Saint Albans, a short drive to the CBD and in easy walking distance of Merivale, Edgeware, Victoria Street, and Hagley Park.
The significant combined holding of 2,436sq m currently comprises two houses on two titles at 130 and 130A Holly Road, sitting on 878sq m and 1,558sq m, respectively.
“Our vendor has owned this property for more than 35 years, living in the rear property throughout that time. His decision to sell represents a great opportunity to redevelop in this ever-popular, tightly held catchment,” Doig says.
The Residential Medium Density zoning provides for townhouses, terraced housing, apartment buildings and encourages comprehensive development of multiple adjacent sites. Smaller and shared outdoor living spaces are allowed.
Holly Road also enjoys proximity to a variety of excellent amenities such as the CBD, Edgeware Village, Merivale Mall, and Victoria Precinct, and is close to independent schools, together with zoning for Christchurch Girls’ High School and Christchurch Boys’ High School.
- Supplied by Colliers
