Salesperson Jeremy Speight says the site's owners — a mix of Singaporean and New Zealand-based business interests — would consider either selling the real estate assets outright, or entering into a potential joint-venture redevelopment programme with any potential new owner or partner.
In addition to the holiday park assets, the Workotel portfolio includes five established residential dwellings, one of which is the Thistle Guest House.
The freehold land at the Main South Road/Ballantyne Avenue location is zoned Residential Suburban under the Christchurch City Council plan.
"The permutations for future use of this site and the structures are incredibly broad," Speight says.
"All existing structures could be removed, and the property redeveloped into a new housing neighbourhood — either standalone dwellings, apartments or terraced-style residences subject to council consents.
"There is also enough land — complete with dual entry and exit points from two roads — for retirement village operators to consider this location.
"Alternatively, just the campground assets could be demolished and replaced with new-build dwellings or purpose-built student accommodation, with the five other houses retained and refurbished to be sold off individually.
"Under these options, the ongoing tenancy of many of the Workotel cabins and houses by construction workers still employed in the city rebuild programme would deliver a considerable holding income stream while the necessary council consents were acquired."
Speight says the value of the relocatable cabins has been independently assessed at more than $1m. They consisted of a mix of single and double-bedroom units. He says though the majority are suitable for relocation or continued occupancy, some are nearing the end of their economic life. The cabin stock ranges from 10sq m to 34.5sq m.
The Workotel accommodation portfolio achieved a gross revenue of $1,318,000 in the year to May 2018.