Central city land goes up for sale
A Christchurch property developer is selling a large development site in the city after abandoning plans for a housing and commercial development.
Developer Grigori Koulanov bought the site – which fronts onto Madras, Purchas and Packe streets just north of Bealey Ave – for $4.5 million last year.
He has now put it on the market, unpriced, with a deadline for offers next week. Real estate agent Colliers describes the 1-hectare property in its advertising as ‘‘a blank canvas for the seasoned developer’’ with a ‘‘motivated vendor’’.
The land is part of the block that has long sat vacant and was previously owned and used by council lines company Orion. Houses are being built on another piece of the Orion block by Mike Greer Homes, and the Korean Presbyterian Church of Christchurch went up on the eastern end of the land 20 years ago.
Through his company Profico Group, Russian-born Koulanov has already developed the luxury three-storey Hagley Mews townhouses on the former Heatherlea site on Deans Ave in Christchurch. The 26 Hagley Mews homes sold for up to $3m.
He has also developed the Willoughby Residences and Chevalier Mews apartments in Auckland, and is part-way through a housing project in Rangiora.
Another Profico plan, to build beachfront apartments on Marine Pde on the former Esplanade Hotel site in central New Brighton, did not eventuate, and Profico Group sold the land for $1.14m in 2020.
Koulanov said he had plans drawn up to develop the Madras St land, ‘‘part of it residential and part of it mixed use’’. He was now concentrating on other projects. ‘‘I’ve got a few developments on the go. There are a few parties interested [in Madras St].’’
He said he would hold onto the property for now if it did not attract the right price.
Koulanov said the future market for townhouses and apartments in Christchurch depended on interest rates, the state of the economy and global events.
‘‘Property will still be in good demand, given the number of people that want to come to New Zealand.’’