Rare big Christchurch city land block
The two big parcels of land for sale in inner city Christchurch – identified by blue shading. Photo / Supplied
Two big parcels of bare land are on the market in the inner city of Christchurch for the first time in more than 30 years.
Located on 54 and 72 Salisbury St, the total 4570sq m block is in the heart of the Victoria Street Precinct and has the added attraction of being zoned for Central City Business and Residential.
“The combined sites are among the biggest to come to the market in the Christchurch inner city post the earthquakes,” says Courtney Doig of Colliers International who is marketing the land for sale by auction on Thursday August 31.
“They are part of the property interests of a deceased estate that included a rebuilt complex of residential units further along Salisbury St. These fetched $3,805,000 at auction earlier this year.
“Since the earthquakes, there has been a lot of activity in vacant land sales within the four major city avenues as investors have sought to consolidate their holdings. Our records show that, since the start of 2015, there have been 61 commercial vacant land sales, collectively valued at $115,238,000.”
Doig says the two varying zones of the Salisbury St sites will appeal to developers because this widened the potential uses of the land.
“This opportunity provides scope for a large scale commercial and residential development in a highly sought-after location. There is a large road frontage and good access to main arterial routes in an established commercial precinct.
“Both properties provide flexibility for future development with the multiple titles and varying zoning options. The total parcel has a north facing aspect and is within walking distance of our newly establishing CBD.”
The first site comprises 523sq m of Central City Business zoned land and adjoins other commercial developments, including the planned new Casino Hotel called The Peterborough. Christchurch Casino has partnered with an Australian property developer to build an $85m 200-room hotel which will be built on the Casino’s half hectare carparking site.
The second is a significant 4047sq m residential development site with circa 80m frontage to Salisbury St.