A high-profile luxury apartment complex in Christchurch’s upmarket seaside suburb of Sumner is being sold for the first time since it was built nearly 20 years ago.
Enjoying a corner site in the heart of Sumner Village, the three-level complex comprises a ground floor studio and a restaurant, three apartments on the middle level, and a huge penthouse that also includes its own studio, together with a rooftop pool and spa.
They range in size from 58sq m to 130sq m with the penthouse a spacious 286sq m.
Will Franks, Investment Sales Broker at Colliers Christchurch, is marketing the complex, which is located at 1 Wakefield Avenue, on the corner of Marriner Street, by deadline private treaty closing 6 October.
Start your property search
“The vendors are sad to be moving on but recognise that this now provides a fantastic opportunity for another owner to add their own style,” Franks says.
“The complex is in immaculate condition. A new owner may decide to continue with the current serviced apartment business or look at other options such as living on-site and managing the balance of the apartments as rentals or look for fixed-term tenants to secure income.
“There is also further add-value potential for separating the units onto individual certificates of title to create future flexibility and to open the door to the owner-occupier market.”
The owner currently occupies the penthouse but will move when the complex is sold, while only one of the apartments is rented on a fixed-term basis. The others have casual tenancies.
The eye-catching building has the added benefit of two separate basement car park areas, one exclusively for the penthouse and another area for each of the remaining apartments.
The complex was successfully run as serviced apartments.
The total floor area covers circa 1,140sq m, including garaging and balconies. The complex sits on 551sq m of Commercial Core Zone land.
Franks says it’s unusual to find such an opportunity in the heart of Sumner.
The Commercial Core Zone provides for a range of convenience and comparison shopping as well as community and employment activities.
Sumner is a flourishing suburb where residential real estate is always keenly sought. The commercial hub, Sumner Village, is an eclectic mix of hospitality, retail, and community facilities.
The apartments are located 280m from the popular Sumner Beach and in easy walking distance to all the local amenities, including restaurants, cafes, a supermarket, the pharmacy, medical centre, and library.
Franks says the recent sale of the Hollywood Cinema, almost diagonally opposite the luxury apartments, is welcome news for the village with plans already underway to revitalise it. The Hollywood Cinema opened in 1938 and is the oldest cinema in the city.
- Article supplied by Colliers
