A rare opportunity for developers to acquire one or both of two circa- 5000sqm land packages in Christchurch’s newly-rejuvenated hub is already attracting significant interest.
A decade since the devastating, magnitude 6.3 earthquake of February 2011 left the central business district of New Zealand’s second-largest city filled with rubble and almost unrecognisable, a vibrant new centre is fast emerging. It represents an exciting contemporary transformation and a fresh, innovative lifestyle model for home and business owners alike. The time is ripe for developers or property investors to stake their claim in this process.
Ōtākaro Limited has been an integral force in promoting this fresh and creative development, delivering Crown-led anchor projects in the central city.
Tony Liu, Ōtākaro’s property divestment manager says that Christchurch citizens, many of whom were rendered homeless following the earthquakes, have enthusiastically embraced inner-city townhouse and apartment life and potential property investors who’ve been quick to recognise the inherent possibilities in this spectre – especially in new-builds- are increasingly keen to get further involved.
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As a result, Ōtākaro’s ground-breaking offering of two sensational central city sites is a once-in-a-lifetime opportunity, whether developers take one, or both.
132 Worcester Street – East Framed Residential Super Lot 11, is a 4,739sqm (more or less) site, which comprises a regular shape, with four street frontages.
Its central position sees the celebrated Margaret Mahy playground lying to the north, while Cathedral Square and the commercial centre are to the west, the SALT District to the south, and Rauora Park to the east.
“You just wouldn’t find this sort of chance in any other major New Zealand city,” Liu says. “Sections this large simply don’t come up in a central business district these days."
“It’s an opportunity for developers to bring some geographic diversity to their portfolio.”
He points out that potential uses of the land that’s available are diverse.
It’s zoned for medium to high density residential developments along with other wide-ranging supporting activities.
“Ideally it will be a combination of residential and business use, and we’re keen to promote it to developers who have creative ideas,” Liu says.
Photo / Supplied.
“This is an excellent opportunity for a mixed-use development, and it also has potential for build-to-rent, which is the latest innovation for landlords – along with the traditional build-to-sell model.
Liu notes that inner-city living brings with it a necessity for appropriate retail support, and he believes that the current offerings could fulfil an urgent need.
“With the potential for 20,000 residents living here in the inner city within the next few years, we are missing a supermarket on the northern side of the CBD, for a start,” he says.
192 Cashel Street is a second significant land holding at 4,828sqm – East Frame Residential Support Lot 9, and it also allows for medium to high-density residential developments, along with other wide-ranging supporting activities.
Tony Liu expects both offerings to appeal strongly to builders, developers, and institutional investors.
“You could be looking at apartments located above retail stores, for example, and everybody – including council - is committed to being part of the development of the inner city, especially as most of the apartments and townhouses that have been available up until now in Christchurch have sold out quickly.”
Liu says that there’s a growing waiting list for central urban living in the garden city and Ōtākaro Limited is proud to be involved.
“This precinct is definitely the new face of Christchurch and it’s a very exciting proposition.”
