More body corporates selling quake-damaged Christchurch apartments

Body corporate owners considering selling their properties 'as is where is' can take much of the angst out of the process by making early decisions that will ensure a harmonious outcome.

Courtney Doig, an investment specialist at Colliers International who specialises in body corporate sales, says owners need to agree parameters before going to market.

"We’ve successfully negotiated several of these sales now with a value of about $19 million, and the key factor to the process running smoothly is to ensure all the owners are in agreement and on the same page," she says.

"The main driving factor for owners electing to sell is to avoid the challenges associated with undertaking a repair or rebuild with a collective set of owners, all with differing views.

"Six years on, it has been a long drawn out process for many owners and they are now in a position to settle with their insurers and want to move on with their lives."

Doig says a common fear some owners have is coming to terms with the best suited sales process to ensure the right outcome is achieved for all owners. 

"It’s really vital to have a transparent sales process where all owners are kept thoroughly informed."

She says ‘as is where is’ multi-units attract strong buyer demand and there is still a keen appetite for them. 

One of the latest such offerings to come to the market is an upmarket 15-unit complex at 77 Carlton Mill Road in Merivale.

Scheduled for auction on May 16, the two and three bedroom apartments were built in 2006 and sit on land area of 1672sq m.

School zoning includes Christchurch Boys’ and Girls’ High Schools, Elmwood Primary, and Heaton Intermediate. 

Doig says she expects the complex would be popular among prospective buyers because of its strong holding income, position in sought after Carlton Mill Road, and the repair and value-add opportunity it represents.


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