Land-banked Memorial Ave property hits the market
Christchurch residents driving to the airport may recall the deer fence covered in black polythene that graced the length of the paddock on the corner of Memorial Ave and State Highway One.
It was erected in 2003 by then owner Graham Heazlewood in protest against being stymied by zoning rules preventing him from developing the property, while across the road the airport company’s consent applications appeared to proceed without any hurdles.
The property was also at the centre of a marital tussle between Heazlewood and his wife of 25 years, Susan, culminating in a court case in 2015 in which she was partially successful.
The case involved the question of who actually owned the property because registered ownership was through several family trusts.
However, the ownership and zoning matters have been resolved and the 17 hectares in four titles is now on the market.
Heazlewood’s retirement plans also include the sale of two other land blocks along Russley Rd and nearby Shands Rd.
Over the past three years there have been major roading and commercial property developments in the immediate area of the Memorial Ave property, making it more desirable.
The zoning is industrial business park which allows for a range of commercial activities including a hotel, industrial and warehousing buildings, service industries, food and beverage, service station, office, gymnasium, training and educational facilities, and retail activity.
JLL agents Sam Smith and Hamish Stallworthy are marketing the property through expressions of interest closing June 12.
‘‘This site has great profile and is arguably the most prominent site in the South Island given its location at the corner of Memorial Avenue directly opposite the airport. Our vendor is retiring and has held this expansive parcel of land for some time, during which the area surrounding the site has seen marked improvement, driven mainly by the airport,’’ Smith said.
‘‘The site has a 500-metre frontage to Memorial Ave allowing multiple access points, and there is also access available from Avonhead Rd.’’
‘‘Memorial Avenue is essentially at the gateway to Christchurch and this site is well known by those in the area,’’ Stallworthy said. ‘‘It’s in such a prominent location and will undoubtedly be an exciting prospect for developers, landbankers or owner-occupiers with the right plan in place. There is also the possibility that the new owner could develop one title and on-sell the rest.’’
Over the road is Russley Golf Club, catering to locals and visitors to the area.
The property is a 20-minute drive from Christchurch CBD and is close to a state highway interchange, allowing easy access north and south. Recent improvements to the Western Corridor (SH1), have seen the road go from two lanes to four.
‘‘Another contributing factor to growth in this area of Christchurch is the increase in tourism following the 2011 earthquakes.’’
Christchurch International Airport reported a record 6.57 million passengers in and out of the airport in 2017.