A unique site on the banks of the Avon River in the heart of Christchurch’s CBD is on the market for the first time in a generation as its long-time private owner passes it on after around 30 years.
The freehold landholding at 74 Oxford Terrace measures 822sq m with roughly 16m of frontage to Oxford Terrace and a north-western aspect over the Avon River towards Hagley Park.
An office building that previously stood on the site was demolished following the Canterbury earthquakes, and while the owner considered redeveloping it, it’s now time for someone else to take on the project.
That kind of long, single ownership is part of what makes the site so unusual. Its arrival on the market also comes at a moment of strong appetite among developers, says Colliers Christchurch Director of Investment Sales Courtney Doig, who is marketing the property.
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“We’re seeing multi offers on land at the moment as developers want to invest in the vibrant Canterbury economy and the ongoing buzz of Christchurch,” she says.
That confidence is backed by the data. Development agency ChristchurchNZ reported last month that the Canterbury economy is operating from a position of real strength, pointing to positive business confidence, expanding exports, and a sound construction pipeline.
The tourism sector is firing with international visitor arrivals up 27 per cent and commercial accommodation occupancy hitting 69 per cent, which is well ahead of the national average.
Christchurch’s labour market keeps outperforming, recording the second-fastest job growth of any region in New Zealand and its strongest local hiring momentum since late 2023.
This economic picture underpins the expected demand for 74 Oxford Terrace, which is a short walk from hospitality venues, the new stadium, and the city’s commercial heart.
Genuine riverfront land of this scale rarely comes up for sale in a city centre this tightly held, and Doig expects the site’s outlook and prominence to be a major drawcard for both residential and commercial developers.
Zoned City Centre, the site carries the flexibility to support a wide range of uses. While its commercial zoning opens the door to office, hospitality, and mixed-use development, it is equally well suited to a high-end residential tower, drawing a comparison to the nearby 66 Oxford Terrace apartments.
Where other central sites are constrained by their footprint, this land’s point of difference is its size, which lends itself to a development of real height and scale.
A practical advantage is the rear access to the site for parking and servicing via a right of way on Tuam Street, freeing a future development to build right up to the Oxford Terrace frontage rather than setting back to accommodate access.
With holding income currently generated from a Wilson Parking lease on the site, an incoming purchaser has the flexibility to bank the land while planning is progressed, or to move directly to a landmark development in a special pocket of the CBD.
The property is offered for sale by deadline private treaty closing at 12pm on Friday 4 September, unless sold prior.
- Supplied by Colliers
