The 'as-is' sale of a 12-storey apartment building, overlooking the Avon River in Christchurch, will most likely attract developers who could consider its conversion to a boutique hotel or office complex.
The residential complex, which overlooks the Memorial Wall on the banks of the Avon River, is being sold by its 10 body corporate owners who have recently reached an insurance settlement.
Courtney Doig and Noel Gilchrist of Colliers International are marketing the multi-level building at 66 Oxford Terrace, for sale by auction at 10am on August 16, unless it sells earlier.
"We think this is the largest body corporate high-rise property to come to the market in Christchurch 'as is where is'," says Doig.
"Given the location and high-end nature of the apartment complex, we think it could appeal to construction companies looking for a substantial project now that some building activity is quietening down.
"It's such a stunning building with excellent views across the city and around to the hills. This is a niche property that provides opportunities for buyers with the skill set to undertake the necessary repairs."
Gilchrist says an added attraction of the property is its Central City Business zoning which allows a mix of opportunities for its end use – "whether this be up market residential apartments, a boutique hotel conversion or commercial office suites".
Designed by Warren and Mahoney, it was built in early 2005 by Luneys.
The complex occupies a total site area of 1279 sq m, including basement carparking catering for two carparks per unit. The building's floor area is 2606sq m with a 20m frontage onto Oxford Terrace.
Eight of the apartments are 235sqm with three bedrooms plus study and two carparks. The ground floor area is 347sq m with three carparks; while the penthouse is 379sq m with four bedrooms plus study and three carparks.
Robin Hughes, chair of the body corporate, is one of the original owners.
"Despite the reality of all the original body corporate members having to move on after the earthquake and permanently relocate, this building still holds very fond memories. The original core considerations that prompted everyone to invest in this property are unchanged," Hughes says.
"It is the only CBD apartment high-rise in Christchurch; it faces due north over the Avon River; and its location is even more desirable as a result of the city rebuild. The property deserves to be retained and enhanced as a Christchurch landmark."
Since the earthquakes, Colliers has transacted $35m of body corporate 'as is where is' sales with Doig's track record in the sector recently recognised when she won the Women of the Built Environment Award at the 2018 RICS Awards.
"Oxford Terrace is certainly the most significant 'as-is' building to be offered and we think it's sale presents a special opportunity," Doig says.