A motel on a large parcel of land near Christchurch Airport is on the market for the first time in nearly 30 years and set to catch the eye of future residential developers and investors.
The 6,433sq m of residential zoned land at 105 Roydvale Avenue, Burnside, north-west of the city centre, is in eight titles and houses the Airport Lodge Motel. The complex consists of a three-bedroom manager’s house and 26 self-contained units with plenty of off-street car parking and three accessways.
“The opportunity for the astute buyer lies in the future redevelopment of the land or by adding value to the existing buildings to fully maximise the potential,” Lough says.
“It’s unusual for such a large parcel of land to become available in this area, particularly in the middle of an established and sought-after residential zone.”
Lough says the property is in a highly strategic location, close to Burnside School, Burnside Park, and the Russley Golf Club, while being close to the airport.
“We’re fielding a lot of interest in these older motel complexes that often occupy large parcels of land and are ripe for conversion to residential. From a tourism perspective, dated motel units are vulnerable. The good news for owners of such units is that developers and affordable housing providers are keen to convert these motels into long-term accommodation.”
This year Lough has negotiated two similar sales.
The first was a 20-unit complex with 10,036sq m of land in Sockburn, that was sold to an Auckland investor, while two adjacent Cashel Street properties, with a combined land area of 3,407sq m, were bought by a local investor.