A former rest home in the centre of Christchurch is up for grabs, after its developer owners decided to the pull pin on plans for a 51-room accommodation block.
Williams Corp, one of New Zealand’s biggest builders, bought the former St James Rest Home at 9 Patten Street, in Avonside, in 2020 for $2.375 million and lodged plans to turn it into a boarding house.
The property had been sitting vacant since the Christchurch earthquake in 2011.
Colliers listing agent Courtney Doig said the property had been upgraded by Williams Corp and was being sold in a partially restored condition.
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“Williams Corp’s original intention was to continue with the repair and lease it as a boarding house,” Doig told OneRoof.
“But the process with council took a lot longer than expected. They have had a change of direction, and they want to focus on their core business of [building] townhouses.”
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Earlier this year, Stuff.co.nz reported that Williams Corp had listed its penthouse base in central Christchurch for rent and that managing director Matthew Horncastle had listed his luxury home for sale.
The newly built four-bedroom house in Christchurch Central has an RV of $4.92m and is still for sale.
Horncastle told Stuff at the time he was selling his home and other expensive items, including sports cars and a luxury yacht, because they were “assets I hardly use at a time when capital is more effective in my business”.
He added: “It’s not an appropriate look … I don’t want to be living like that when my customer is the average Kiwi.”
Matthew Horncastle, managing director of Williams Corporation, one of New Zealand's biggest residential builders. Photo / Alex Burton
Horncastle listed his own home in central Christchurch for sale earlier this year. It is still on the market by way of price by negotiation. Photo / Supplied
Horncastle also told Stuff that Williams Corp had abandoned plans to build 350 dwellings over four years in Hornby and had sold a “body” of land to a commercial investor.
Williams Corp first listed its 4043sqm property on Patten Street in April last year. It changed agencies at the start of this month and relaunched the listing with Colliers on June 14.
The listing photos show a refresh of the building interiors but the work is incomplete and the windows are boarded up.
Doig thought it was unlikely a buyer would demolish the buildings.
The Patten Street property is boarded up. Photo / Supplied
“There is too much value in the residual improvements,” she said. “I think it will be given a new lease of life. It has been relevelled, replumbed, and rewired. It is still a project for an incoming builder, tradesman or developer to finish.”
Doig said Williams Corp was happy to sell the property in its current state or do a build contract with the purchaser and complete the existing project.
She said there was a need for boarding houses in Christchurch, but the property could equally be used as a medical facility.
OneRoof reached out to Williams Corp for comment but is yet to hear back from them.
- 9 Patten Street, in Avonside, Christchurch, is for sale
