A 36-bedroom facility in Merivale, Christchurch, previously used to support and accommodate adults with intellectual disabilities, is being sold by owners the Bristol Trust.
The property is spread across three titles on 2534sq m, including a prime corner site on Bristol and Berry Sts.
The offering is made up of the following:
• a 23-bedroom complex comprising a 15-bedroom hostel and two flats housing eight bedrooms on 1678sq m of land at 14 Bristol St;
• three flats housing five bedrooms on 429sq m at 11 Berry St;
two flats housing eight bedrooms on 427sq m at 17 Berry St; and,
• a character bungalow with four bedrooms on 470sq m at neighbouring 10 Berry St.
Courtney Doig and Oliver Salt of Colliers International in Christchurch are marketing the properties for sale by auction at 10am on December 13, unless they sell earlier.
Doig says it's the first time the larger offering has come to the market in more than 30 years.
"The separate titles create significant development flexibility for a seasoned developer or add-value buyer to repurpose the buildings or redevelop the site in this tightly-held location," he says.
"There's also potential for holding income to enable sufficient time to plan the redevelopment of the sites.Alternatively, it's a wonderful opportunity to landbank."
Salt says the property's zoning, Residential Medium Density and Residential Suburban Density Transition, provides potential for a large-scale residential development.
The area is also in the school zones of Christchurch Girls' and Boys' High Schools, Heaton Intermediate and Elmwood Primary School.