The substantial gentrification of the Christchurch CBD fringe has transformed residential areas north of the city centre into catchments keenly sought by developers seeking value-add opportunities or land for new builds.
Against this backdrop, a gated 14-townhouse complex, at 170 Peterborough Street, has just come to the market on an ‘as is, where is’ uninsured basis and is being marketed by Courtney Doig of Colliers.
Known as St Lukes Close, the ideally positioned property is on the corner of Peterborough and Manchester Streets, near Forté Health. It is set for auction on 9 December.
“This property should appeal to astute value-add buyers, investors, and developers because of the immense future scope to add value,” Doig says.
“A key attraction is the significant holding cashflow, consistently featuring at approximately $300,000 gross annually, which will allow developers time to plan their repairs.
“Underpinning this superb opportunity is the underlying Residential Central City zoning that allows for a range of housing types, including attractive, high-density living opportunities.”
Sited on 1,899sq m of land, the townhouses all enjoy north-west outlooks over Manchester Street or the communal central courtyard.
The terraced homes all have single, internal accessed garaging, outdoor courtyards, and upstairs balconies.
“We’ve negotiated a lot of these sales over the past several years and interest in them is still strong, fuelled by the increasing vibrancy of the city centre, which is making inner city living so popular today,” Doig says.
St Lukes Close is in easy walking distance to central city amenities and attractions, including the Avon River Walkway just south of the property, Margaret Mahy Playground, Victoria Street’s hospitality and retail precinct, Christchurch Casino, Te Pae Convention Centre and the Christchurch Multi-Use Arena, now under construction.