Award-winning Wilton Close ‘as is’ central city apartment for sale

A low-rise apartment complex in Salisbury Street is the most significant ‘as is where is’ body corporate in Christchurch to come to the market since the earthquakes.

More commonly referred to as Wilton Close, the offering comprised 37 two- and three-bedroom apartments strategically located on the north side of Salisbury Street between Madras and Barbadoes Streets. Each apartment has one or two carparks.

The award-winning property was architecturally designed by Cymon Allfrey, with outdoor terraces or balconies overlooking a communal green square in the centre of the complex.

Colliers International investment sales broker Courtney Doig has successfully negotiated the sale of circa $50 million of some of the most complex body corporates in Christchurch since the earthquakes.

She said that the Wilton Close owners have now settled with their insurers and are keen to sell. Only units 201, 302 and 805 are not included in the sale.

“This is a large and highly attractive complex that will provide the new owner with substantial holding income while planning their repair strategy,” said Doig.

“Built in 2008, its timeless architecture is still very current in today’s market, having been constructed to the highest of standards in quality finishes and material.

The property occupies a total site area of approximately 2812 sqm and the apartments enjoy either north west or north east outlooks.

Doig said that Wilton Close was ideally positioned for inner city living; close to the Avon River walkway that meanders past the Margaret Mahy playground.

She said that the main driving factor in ‘as is’ body corporate sales is to avoid the challenges associated with undertaking a repair or rebuild with a collective set of owners, all with differing views.

“Ten years on, it has been a long and drawn-out process for many owners, and they are now in a position to settle with their insurers and want to move on with their lives.”

Doig said ‘as is where is’ multi units attracted strong buyer demand and there was still a keen appetite for them.

Wilton Close is for sale by deadline private treaty, closing March 18.