The Star: September 08, 2016
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18 Thursday <strong>September</strong> 8 <strong>2016</strong><br />
follow us on facebook.com/riseupchristchurch<br />
<strong>The</strong> <strong>Star</strong><br />
Business<br />
Renewed interest<br />
in city’s bare land<br />
ON NOW!<br />
PLATINUM<br />
Queen Bed<br />
WAS $999<br />
$699<br />
SAVE<br />
$300<br />
DETROIT<br />
6 Pce Corner Suite<br />
SAVE<br />
$200<br />
WAS $2369<br />
$2169<br />
• By Colin Taylor<br />
AFTER A lull in activity<br />
over the past two years,<br />
investors are showing<br />
growing interest in<br />
bare land suitable for<br />
commercial and residential<br />
developments within the<br />
area surrounded by the<br />
city’s four avenues.<br />
Courtney Doig, an<br />
investment sales specialist<br />
with Colliers International<br />
in Christchurch, says<br />
there was a flurry of land<br />
sales after the earthquakes<br />
and subsequently activity<br />
plateaued with fewer sales<br />
– until this year.<br />
“Buyers are motivated<br />
by a variety of different<br />
reasons – some are taking<br />
the opportunity to land<br />
bank while others have<br />
specific projects in mind.<br />
<strong>The</strong>re’s no doubt that, as<br />
the CBD core continues<br />
to take shape, investors<br />
have increased confidence<br />
in land within the four<br />
avenues.<br />
“For instance, the site of<br />
the former NZ Institute of<br />
Management head office<br />
on the corner of Kilmore<br />
and Madras Sts was recently<br />
sold at auction.<br />
<strong>The</strong> 2813 sq m bare land<br />
fetched $2,225,000 with<br />
two bidders vying for the<br />
property.”<br />
Another land site of<br />
8842 sq m adjoining<br />
McLeans Mansion at 888<br />
Colombo St has changed<br />
hands for $5.3 million and<br />
is earmarked in the long<br />
term for residential townhouses.<br />
A neighbouring<br />
smaller parcel of 427 sq m<br />
was subsequently sold at<br />
auction for $470,000.<br />
Paul Vining, Colliers’<br />
investment sales specialist,<br />
says the inner-city sites are<br />
proving popular because<br />
of the increase in city<br />
facilities that makes it possible<br />
for investors to have a<br />
clearer idea of the best use<br />
for land on offer.<br />
“<strong>The</strong> success of bare<br />
land sales within the four<br />
avenues is likely to fuel<br />
interest in two other sites<br />
Colliers is taking to auction<br />
on <strong>September</strong> 22,” Mr<br />
Vining says.<br />
<strong>The</strong>se are 12-16 Eaton Pl,<br />
behind Lone <strong>Star</strong> off Manchester<br />
St, with the parcel<br />
in four titles covering 1688<br />
sq m; and 404 Barbadoes<br />
St where 2200 sq m of<br />
vacant land was previously<br />
occupied by Unit 6<br />
of 1980s-designed Amuri<br />
Park office complex.<br />
– NZ Herald<br />
TUSCANY<br />
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LEXINGTON<br />
Bedroom Range<br />
WAS $1999<br />
$1789<br />
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Queen/King Head .........$536 $469<br />
4 Dr Chest......................$909 $795<br />
SOHO Chair<br />
NEW<br />
STYLE<br />
WAS $375<br />
$299<br />
6 Dr Chest....................$1049 $915<br />
Dresser w/mirror ......$1269 $1099<br />
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