One of the first groups of townhouses to be built in the Christchurch inner city following the earthquakes is now being sold.
The 16-unit complex, at 235 Salisbury Street, was completed in 2014 but is now being sold by the estate of its late owner. It is the first time the one, two and three bedroom townhouses have been offered for sale.
Investment broker Courtney Doig, of Colliers International in Christchurch, says Salisbury Street is undergoing a transformation as the appetite for living closer to the CBD grows.
“Since the earthquakes, Salisbury Street has started to undergo something of a gentrification with new builds emerging and the refurbishment of existing apartment blocks that have been sold 'as is where is' in the past couple of years.”
For instance, two significant developments changed hands in 2015 have since been repaired.
Refurbishments were recently completed on a 34-unit complex at 226 Salisbury Street, now fully occupied. Along the road at 136 Salisbury Street, a 32-unit complex has undergone a similar transformation with individual units now available for sale or lease. It’s a similar story at six nearby townhouses.
A supermarket is earmarked for the prominent site on the corner of Manchester and Salisbury streets, a few doors along from Briscoes, and 100m from the units currently on offer.
Doig says the area is enjoying a renaissance because of its convenience to good central city amenities and the Avon River.
“The other developments in the nearby vicinity sold quickly and we expect similarly strong interest for this property, particularly as it’s one of the first such rebuilds post-earthquake in this location.”
Originally a bowling club from the 1950s to the late 1990s, the land's zoning change to residential – now the Central City Residential Zone (CCR) – paving the way for a former townhouse complex that was damaged in the earthquakes.
The townhouses were recently rebuilt and return a significant rental income of circa $300,000 annually. They have dual street frontages and access from Salisbury Street through to Ely Street.
The property is to be auctioned on Thursday, April 13.
Get the latest commercial real estate insights and property news.
Looking for commercial real estate? Try our property search or connect with expert commercial real estate agents today.
Need your real estate assessed? Work with our expert property valuation services team.