Christchurch CBD land ideal for hotel

The land block for sale in Kilmore St, Christchurch.

In Christchurch a big block of bare land is for sale in Kilmore St between Victoria Square and Hagley Park near the Avon River that would be ideal for a hotel complex, commercial offices or residential development.

Richard Diver, whose name is synonymous with the redevelopment of Victoria St in Christchurch, is selling the premium 5845 square metre site opposite Cranmer Square.

"This is a great opportunity to secure a large land parcel in Christchurch's sought-after CBD core." says Mark Macauley, general manager of Colliers International in Christchurch.

The block was formerly the home to the old Environment Canterbury, which has continued to lease part of the site and is being marketed split into three titles with road frontages onto Kilmore St and Chester St West.

Of the parcel, 4213 sq m is zoned Central City Business and 1632 sq m is Living B4.

"Multiple titles provide flexibility and there's also the added attraction of the land lease to ECan providing holding income.

"The vendor will consider selling the titles separately," Macauley says. He says the total land area of 5845 sq m can be split into three blocks of 3085 sq m, 1338 sq m and 1422 sq m.

"There's a strong market for prime land in the city and demand isn't slowing. We still have a number of unsatisfied buyers."

Given its zoning, Macauley says the land has scope for a large scale commercial development coupled with high density residential.

Diver's Countrywide Property bought the land in 2014, originally earmarking it for a $75
million apartment complex featuring two towers above a three level carpark.

"But Diver says he has hands full with current developments and doesn't have time to do the proposed project justice," Macauley says.

The land is close to Victoria Street cafes and restaurants and has frontages onto both Kilmore St and Chester St West.

Boundaries of the premium 5845 sq m site land site - identified by red border.