Development opportunity in superb Christchurch CBD fringe location

Prestigious The Establishment apartments site for sale in Christchurch

A development site on the Christchurch CBD fringe, with an approved resource consent for an 11-storey apartment building, is being offered for sale.

Located at 48 Peterborough Street, near the corner of Victoria Street, the land was once home to the former The Establishment apartments that were destroyed in the earthquakes

A $50 million rebuild of an apartment tower, to be known as The Verve, was subsequently approved by the new owners.

Mark Macauley, General Manager of Colliers International in Christchurch, says the owners have decided to sell the land following a change of direction in line with their core business.

The 1,829sq m of freehold land, zoned Central City Business, is currently leased to Wilsons Parking for $75,000 a year plus GST.

“This is one of Christchurch’s most prestigious development sites.

“Positioned between Montreal and Victoria Streets, this is a superb location near to Hagley Park, the refurbished Town Hall, Christchurch Casino and the Botanic Gardens.”

Macauley says the land has the additional benefit of being within the school zones of Christchurch Girls’ and Boys’ High Schools, Heaton Intermediate and Elmwood Primary School.

The property is for sale by auction at 10am on Thursday 13 December, unless sold earlier.

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