One of the largest remaining parcels of development land in central Christchurch, on the CBD's northern fringe, has been placed on the market.
888 Colombo St is an 8842sq m freehold site being marketed by Tim Rookes and Cameron Darby of CBRE for sale by deadline private treaty closing at 4pm on November 17.
The site in the highly sought-after area just south of Bealey Ave is expected to be of considerable interest among developers, says Rookes.
“Given the extensive residential infill and high demand for housing in central Christchurch between 2020-22, opportunities are now limited to secure larger-scale landholdings in prime CBD locations.
Start your property search
“After sitting unoccupied for the past few years, this prime site is being released to the market for development. It is a very significant site for this area and is one of the largest parcels of land to be placed on the market in the central city post-earthquake.”
Darby says subject to council approvals, possible uses include residential, retirement/aged care, education, accommodation, healthcare and community facilities.
“The current high demand in the Christchurch property market means developers are competing to secure the few remaining large-scale sites with favourable zoning. This site, being located within the four avenues on the northern edge of the CBD, within easy reach of schools and amenities, is an excellent candidate for development.”
This site has Residential Central City zoning with a Special Purpose School overlay. According to the District Plan, if the site is not used for education-based activities, the zone defaults to Residential Central City, Darby says.
“Building height limits in the Residential Central City zone are 14m, which could accommodate development of up to three to four levels capturing views of Hagley Park, the Southern Alps and across the central city to the Port Hills. The zone also provides for a range of housing types, allowing developers to maximise the potential for providing attractive living options close to the workplaces, retail and amenities of central Christchurch.”
Rookes says the site, most recently used as a training academy, contains some fire-damaged buildings and is offered as is, where is.
“Existing improvements include a former dental training school, built in the late 1950s, which was designed by Sir Miles Warren. A fire in 2019 caused significant damage to the buildings on-site and they have been unoccupied since then.”
The site has zoning for Christchurch Boys’ High, Christchurch Girls’ High, Heaton Intermediate and Elmwood Normal schools. Several private schools including Cathedral Grammar, St Margaret’s College, Selwyn House, Rangi Ruru Girls’ School and Christ’s College are also nearby.
Among nearby attractions are the Victoria St commercial and hospitality precinct, Hagley Park, the Botanic Gardens, Canterbury Museum, Te Pae Convention
Centre, the Art Gallery, Town Hall, Margaret Mahy Family Playground, Christchurch Hospital and the central city retail precinct.
“The area is renowned for its amenity value and residents don’t have to go very far to access a multitude of recreation, shopping and hospitality options. There are also bus stops on the doorstep and easy access to arterial routes," Darby says.
- Article supplied by CBRE
