Taylors Mistake land calls for right decisions

For sale as one lot, the seven sections overlook popular Taylor's Mistake in Scarborough.

A big 10.8 hectare block of residential lifestyle subdivision land overlooking Christchurch's most expensive suburban region has been placed on the market for sale by owner and developer Scarborough Hill Properties Ltd.

The Taylors Mistake block is close to achieving planning consent for the creation of seven new sections ranging in size from 662sq m to 4420sq m. A sealed road and utility services including power, water and telecommunications have already been laid to most of the sites.

"With the hard work done, the development is being offered for sale," says Jeremy Speight of Bayleys Canterbury who is marketing the sites through a tender process closing on April 21.

Speight says sections are priced from $255,000 up to $500,000.

The elevated site overlooks Taylors Mistake Beach in Scarborough and is zoned Living Hills & Rural Hills under the current Christchurch Council plan, but zoned Residential Hills & Rural Port hills under the council's proposed urban plan.

Speight says it's rare to see the disposal of a residential development opportunity of this scale in the hill suburbs.

"However after spending many years undertaking the time-consuming process of obtaining the necessary council consents, then funding infrastructure and utility works, the owner is now looking at a number of options - including an outright sale; a sale of the parts; or a joint venture."

Speight says an adjoining 17.7 hectare block overlooking Sumner Beach is under contract for an undisclosed sum and subject to completion of due diligence.

He says latest figures from real estate sales monitoring agency QV reveal that the Scarborough Hills suburb has a median house sales price of $1,153,000, the highest value for residential property in Canterbury.

"House prices are booming in Christchurch's beach suburbs with coastal psyche very strong among residents in Scarborough and the adjoining beach suburb of Sumner. This new subdivision will go some way to meeting that demand for elevated ocean view sections."

The Taylors Mistake block comprises gentle sloping to steeper terrain that will easily accommodating building platforms with stunning coastal views.

"Subject to planning consent the 10.8 hectare Taylor's Mistake block may allow a buyer of the block to create more than the planned seven sections," Speight says.

"All a new owner has to do is to complete the work and package for the market. And, while there is a conditional offer on the bigger Sumner block, the vendor will entertain any back-up offers to purchase this land too."