Ōtākaro Limited has reached an agreement with Mike Greer Group and Pebbles Group joint venture to buy the site bordered by Gloucester, Madras and Armagh Sts. Photo / Supplied
Over 100 new homes are set to be built in Christchurch's central city.
The development will be built on land bordered by Gloucester, Madras and Armagh Sts, with Ōtākaro Limited reaching an agreement with a Mike Greer Group and Pebbles Group joint venture to buy the 8145sqm Crown-owned site.
Ōtākaro Chief Executive, John Bridgman, said securing a mixed-use development for such a large site is a fantastic regeneration outcome for the city.
"Having New Zealand's largest independently-owned home builder partnering with the group behind the Riverside Market, McKenzie and Willis, and Little High Eatery developments means the site will be in the hands of proven performers."
The purchase price is commercially confidential at this time, he said.
The joint venture plans to build around 111 homes, ranging from two-bedroom apartments over retail spaces, through to three-bedroom townhouses around a communal garden.
Mike Greer said they will now begin more detailed planning for the development, before starting work on site later this year.
"We're eager to get going as quickly as possible. It's such a great location that we've had our eye on for a long time. We're pleased that Ōtākaro recognises the value of the private sector to deliver much-needed housing to the central city."
Listing agent Courtney Doig of Colliers said interest in the site was very strong, indicating the high level of investor confidence in the central city.
"We received nine highly competitive bids – three of those from Auckland parties – and we estimate that there's still $90 million of unsatisfied demand looking for suitable land in the inner city."
Industrial projects dominate new supply, the study found, comprising 65% of new stock.