Large development site on the block
A large residential Christchurch central city site that is currently for sale already has Resource Consent in place for 20 terraced houses.
Colliers’ investment specialist Courtney Doig is marketing the 2023 square metre property, on the corner of Gloucester Street and main arterial of Fitzgerald Avenue, by Deadline Private Treaty, closing May 2.
The site comprises bare land and a dilapidated building whose heritage status has been delisted.
“For savvy developers, the possibilities are endless. The current owners have shifted their business focus, paving the way for an easy transition to new ownership, with the majority of the groundwork already completed,” Doig says.
“Concept plans have been drawn up by highly respected architects Figure & Ground for 20 terraced two and three-storey, two-and three-bedroom homes. These would be perfect for either owner-occupiers or as an investment.”
Doig says the plans will be readily available to qualified buyers.
Enjoying a 90-metre frontage split between 335 Gloucester Street and 195 Fitzgerald Avenue, the site is in four titles ranging in size from 263sqm to 455sqm.
Doig says the separate titles will give the buyer great flexibility to stage the development. Zoning is Residential Central City Zone, providing for a range of housing types, including high density living.
“As far as I’m aware, there’s no other residential land available in the central city at the moment and demand continues to be strong. Buoyed by Christchurch’s continuing resurgence, people of all ages are seeking to move closer to town. For instance, I recently sold a development site at 6 Cranmer Square to a couple for a private residential development. They currently live in the suburbs but wanted to be closer to the myriad of hospitality and entertainment offerings now available in the city.”
Situated amid a vibrant mix of thriving businesses and a rapidly expanding residential community, Gloucester/Fitzgerald occupies a prime position in the CBD. Due for completion in 2026, Te Kaha Multi Use Arena will add another dimension to the city, with estimates that it will attract up to 36,000 eventgoers every year.