The site, with a 60m frontage onto Donald Pl, is located within 200m of Merivale Mall and 3.5km from the city.
When put up for sale investment sales specialist Courtney Doig, of Colliers in Christchurch, said that there were few such parcels of land available in Merivale.
"There is a real lack of large-scale development sites remaining in this tightly held Merivale position. The Residential Medium Density zoning makes it ripe for a variety of uses and we've seen how much demand there is for well-located bare land in Christchurch.
The merger of the Elmwood Park and St Albans bowling clubs prompted the sale.