Luxury apartments in seaside village on market for first time
A high-profile luxury apartment complex in Christchurch’s upmarket seaside suburb of Sumner is being sold for the first time since it was built nearly 20 years ago.
Enjoying a corner site in the heart of Sumner village, the three-level complex comprises a ground-floor studio and restaurant, three apartments on the middle level, and a huge penthouse that also includes its own studio, together with a rooftop pool and spa.
The apartments range in size from 58sq m to 130sq m with the penthouse comprising a spacious 286sq m.
Will Franks of Colliers Christchurch is marketing 1 Wakefield Ave, on the corner of Marriner St, by deadline private treaty closing 6 October.
“The vendors are sad to be moving on but recognise that this provides a fantastic opportunity for another owner to add their own style,” Franks says.
“The complex is in immaculate condition. “A new owner may decide to continue with the current serviced apartment business or look at other options such as living on-site and managing the balance of the apartments as rentals, or look for fixed-term tenants to secure income,” he says.
“There is also further add-value potential for separating the units on to individual certificates of title to create future flexibility and to open the door to the owner-occupier market.”
Franks says the owner currently occupies the penthouse but will move when the complex is sold.
Only one of the apartments is rented on a fixed-term basis.
The other apartments have casual tenancies. The eye-catching building has the added benefit of two separate basement car park areas, one exclusively for the penthouse and another area for each of the remaining apartments.
Franks says the complex has been successfully run as serviced apartments.
The total floor area covers about 1140sq m including garaging and balconies.
The complex sits on 551sq m of Commercial Core Zone land, which provides for a range of convenience and comparison shopping as well as community and employment activities.
Sumner is a flourishing suburb where residential real estate is always keenly sought.
The commercial hub, Sumner Village, is an eclectic mix of hospitality, retail, and community facilities.
The apartments are located 280m from the popular Sumner Beach and in easy walking distance to all the local amenities.
These include restaurants, cafes, a supermarket, pharmacy, medical centre and library.
Franks says it’s unusual to find such an opportunity in the heart of Sumner.
He says the recent sale of the Hollywood Cinema, almost diagonally opposite the luxury apartments, is welcome news for the village with plans already under way to revitalise it.
The Hollywood Cinema opened in 1938 and is the oldest cinema in Christchurch city.