High-end city apartment complex offers huge potential

Body corporate puts iconic apartments up for 'as is where is' sale

A high-end residential complex overlooking the Avon River is thought to be the largest high-rise ‘as is where is’ apartment block to come to the market in Christchurch.

The 12-storey apartment complex, at 66 Oxford Terrace, is being sold by its 10 body corporate owners who have recently reached an insurance settlement.

Courtney Doig and Noel Gilchrist of Colliers International are marketing the distinctive white block, which overlooks the Memorial Wall on the Avon River Precinct.

“We think this is the most significant body corporate, in terms of scale, to come to the market ‘as is where is.’ Given the location and high end nature of the apartment complex, we think it could appeal to construction companies looking for a substantial project now that some building activity is quietening down,” Doig says.

“It’s such a stunning building and the views across the city and around to the hills are fantastic. This is a truly niche property that provides ample opportunities for buyers with the skill set to undertake the necessary repairs.”

Gilchrist says an added attraction of the property is its central city business zoning which allows a mix of opportunities for the end use, whether it be upmarket residential apartments, a boutique hotel conversion or commercial office suites.

Designed by Warren and Mahoney, it was built in the early 2005 by Luneys.

The complex occupies a total site area of 1279 sq m, including basement car parking catering for two car parks per unit. The floor area is 2,606sq m with a 20m frontage onto Oxford Terrace.

Robin Hughes, chair of the body corporate, was one of the original owners.

“Despite the reality of all the original body corporate members having had to move on after the earthquake and permanently relocate, this building still holds very fond memories.

"The original core considerations that prompted everyone to invest in this property are unchanged.

“It is the only true CBD city apartment high rise in Christchurch, it remains an iconic Warren and Mahoney building, faces due north over the Avon River, and the location has improved even more as a result of the rebuild. 

“This property deserves to be retained and enhanced as a Christchurch landmark and I’m sure the existing body corporate members will take some pleasure in seeing its future unfold and it being enjoyed again by new owners in the future.”

The auction is earmarked for 10am, August 16, unless sold prior, at Level 1, 181 High Street, Christchurch.

Since the earthquakes, Colliers has transacted $35 million of body corporate ‘as is where is’ sales, and Doig’s stellar track record in the sector was recently recognised when she won the Women of the Built Environment Award at the 2018 RICS Awards.

“Oxford Terrace is certainly the most significant to be offered and we think it is a unique opportunity,” Doig says.

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