Seven buyers vied for a large inner-city ‘as is, where is’ apartment complex in Christchurch that has sold to a local residential investor.
Located at 400 Durham Street North, the Madison Apartments building was built in 2003, and comprises 40 units.
Four unconditional offers were received at deadline by Courtney Doig, Investment Sales Broker at Colliers Christchurch.
“Two of the offers were from out of town and one party was new to the residential market.
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"The opportunity attracted such keen interest because of its highly desirable West End location, north-facing aspect, and potential to add considerable value,” Doig says.
“The owners were unanimous in their desire to sell with the successful offer exceeding their expectations.
"The level of interest in Madison highlighted that there is still strong demand for well-located ‘as is, where is’ opportunities with good value-add prospects.
“This was the busiest of any of the 17 ‘as is, where is’ body corporates I’ve marketed, despite the more challenging funding environment.”
The four-level complex consists of one, two, and three-bedroom apartments with either balconies or ground floor courtyards.
The units enjoy stunning landscaped communal areas, an indoor heated lap pool, and gym.
The secure basement caters for one and two car parks per unit. The land area is 2,779sq m.
Ben Ensor, Madison’s body corporate chair, says the owners are delighted with the result.
“It was great to have a united group of owners who wanted to sell and were unanimous in the final decision.
"People have been waiting a long time to be able to move on – they’re either young families who want to buy somewhere bigger or retirees who are keen to find somewhere new to settle.
"This sale means everyone can now plan for their future.”
Article supplied by Colliers
