A dual investment and development opportunity is available in Christchurch’s coveted West End precinct as two exceptional properties at 22 and 24 Cashel Street go on sale for the first time in almost five decades.
“This is a rare offering in one of Christchurch’s most sought-after CBD pockets where holdings are tightly held,” says Courtney Doig, Director of Investment Sales at Colliers Christchurch.
The distinctive three-storey brick apartment complex at 22 Cashel Street was designed by renowned architectural firm Pascoe Linton Sellars Architects and represents quality construction from the early 1980s building boom.
It includes six fully tenanted, two-bedroom residential units generating $164,840 annually, while the original dwelling at 24 Cashel Street returns $39,000 per year.
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The offering’s structure allows buyers to pursue different investment strategies, Doig says, with 24 Cashel Street likely to appeal to developers and those seeking immediate redevelopment opportunities, while 22 Cashel Street caters perfectly to passive residential investors seeking steady returns.
Alternatively, the 832sq m High Density Residential-zoned site could be redeveloped.
The 675sq m freehold site at 24 Cashel Street, with an existing dwelling, provides reliable rental income while offering future development upside when market conditions align, Doig says.
“The properties’ location – just 650m from Christchurch Hospital, the South Island’s largest tertiary medical facility – positions them perfectly for both residential investors and developers targeting the growing medical precinct demand.”
Within a few hundred metres’ walk lies plenty of vibrant CBD hospitality and shopping venues plus The Arts Centre, the Christchurch Botanic Gardens and the revitalised Avon River Precinct.
Market analysts expect rental growth in this premium location due to its proximity to the hospital and the broader central city regeneration.
The area’s combination of medical workers, professionals, and students creates strong rental demand, while limited supply supports competitive pricing.
Currently the properties demonstrate solid returns with 22 Cashel Street’s six units achieving rents ranging from $515 to $550 weekly, while 24 Cashel Street’s two units return $300 and $450 weekly respectively.
The properties are offered for sale individually or as a portfolio via deadline private treaty, closing at 4pm on Thursday 6 November, unless sold prior.
- Supplied by Colliers
