One of the largest post-quake sites on market for first time in 30 years
Two huge parcels of bare land in the Christchurch inner city are on the market for the first time in more than 30 years.
Situated at 54 and 72 Salisbury Street, the total 4570sq m block in the heart of the Victoria Street precinct has the added attraction of being zoned for residential and central city business.
Colliers International investment broker Courtney Doig says the combined sites are among the biggest to come to the market in the Christchurch inner city post-earthquake.
They are part of the property interests of a deceased estate that included a rebuilt complex of residential units further along Salisbury Street. These fetched $3.805 million at auction earlier this year.
“Since the earthquakes, there has been a lot of activity in vacant land sales within the four avenues as investors have sought to consolidate their holdings," Doig says.
"Our records show that, since the start of 2015, there have been 61 commercial vacant land sales, collectively valued at $115.238 million."
Doig says the two varying zones of the Salisbury Street sites would appeal to developers because it widens the potential uses of the land.
"This opportunity provides scope for a large scale commercial and residential development in a highly sought-after location," she says.
"There is a large road frontage and good access to main arterial routes in an established commercial precinct.
"Both offerings provide flexibility for future development with the multiple titles and varying zoning options. The total parcel enjoys a north facing aspect and is within walking distance of our newly establishing CBD."
The first site comprises 523sq m of Central City Business zoned land and adjoins other commercial developments, including the planned new Casino Hotel called The Peterborough.
Christchurch Casino has partnered with an Australian property developer to build an $85 million 200 room hotel. It will be built on the Casino’s half hectare car parking site.
The second is a significant 4047sq m residential development site with circa 80m frontage to Salisbury Street.
The properties are being auctioned on August 31.
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