Land development activity in Christchurch’s CBD is surging, with a wave of prime sites hitting the market and investor confidence at levels not seen in years – driven by a booming economy, transformational infrastructure, and a city that is finding its stride.
Courtney Doig, Director of Investment Sales at Colliers Christchurch, says the mood among developers and investors has shifted decisively.
Development sites are being snapped up, investor appetite is strong and the fundamentals underpinning long-term growth have rarely looked better.
“What we’re seeing now is genuine conviction,” Doig says.
Start your property search
“People aren’t just watching from the sidelines anymore. They understand that the window to secure prime CBD land at reasonable prices is narrowing and they’re acting on it.”
Among the standout listings she has taken to market in recent months is 47 Cathedral Square – one of the city’s last great corner sites.
Confirmed new ownership from a Christchurch investor will see this land developed as a multi-storey office facility.
Positioned directly beside the new Sheraton Christchurch (due to open in 2027) and overlooking Cathedral Square, the 1,400sq m building will sit at the very heart of the city’s renaissance with landmark neighbours including Te Pae Christchurch Convention Centre and Tūranga library.
Doig marketed this location alongside Colliers Christchurch General Manager Mark Macauley and Managing Director Hamish Doig.
At 132 Lichfield Street, Courtney Doig marketed a shovel-ready, fully consented development site just 200m from the One NZ Te Kaha Stadium – Canterbury’s new 30,000-seat multi-use arena.
The 392sq m freehold parcel came with full resource and building consent for a six-storey mixed-use development.
Commercial and residential developers iLink Group bought it and will soon break ground to build 370sq m of office space, four three-bedroom apartments, and two split-level penthouses with ample parking.
Chief Executive Milin Rathod says the project follows the consented plans, albeit with up-spec’d details improving comfort, functionality, and longevity.
“Innovation is the iLink blueprint. We’re challenging traditional construction methods and intend to raise the bar. Owners and users deserve better and should expect more from newly constructed buildings.”
Natural wool insulation, additional acoustic dampening measures, and mechanical stackers to increase parking availability are among the planned features, with the project completion scheduled for early 2028.
Further along the South Frame, Doig also sold the corner site of Tuam and Manchester Streets featuring the facade of the former Odeon Theatre, a Category 1 heritage building, on behalf of the Canterbury Regional Council.
The property attracted significant interest from heritage-minded developers.
At 207 Manchester Street and 8 Tramway Lane, a consolidated 714sq m City Centre Zone site with dual street frontage and a height limit of 28m was also marketed and sold by Doig.
The owners of the Christchurch trams, Wood Scenic Line Limited, acquired this property and will develop a storage unit for the trams.
What ties these sales together is a story of a city that has found its moment.
The stadium brings a year-round programme of international concerts, sporting fixtures, and events.
The Downtown precinct is taking shape. The East Frame is maturing into a genuine inner-city neighbourhood. Cathedral Square is being reignited.
“The city is on an upward trajectory that is well supported by the economic data,” Doig says.
The economic backdrop is compelling. According to ChristchurchNZ - Ōtautahi Christchurch’s sustainable economic development agency - Canterbury’s business growth is running at nearly double the national rate.
Visitor arrivals at Christchurch Airport hit a record high in December and hotel occupancy was the highest in a decade during February.
Business confidence remains historically strong, and construction activity continues to accelerate, with building consents in Christchurch up 14 per cent in the December quarter compared with a year earlier.
Doig says: “The sites we’ve been marketing are not just development plays. They’re a reflection of where Christchurch is heading and smart investors are recognising that.
“Remember, there’s only so much development land left in the CBD and the best opportunities are not waiting around.”
- Supplied by Colliers
