Christchurch CBD fringe development site

3:39 PM Friday November 30, 2018 True Commercial

The development site at 48 Peterborough St, is indicated by a blue border. Photo / Supplied

A development site on the Christchurch CBD fringe, with an approved resource consent for an 11-storey apartment building, is being offered for sale this month.

The property is to be auctioned at 10am on December 13, unless sold earlier.

Located at 48 Peterborough St — near its intersection with Victoria St — the land once sustained the The Establishment apartments, that were destroyed in the earthquakes.

A $50m rebuild of an apartment tower, to be known as The Verve, was subsequently approved by the new owners.

However,  the owners decided to sell the land following a change of direction in line with their core business, says Mark Macauley, general manager of Colliers International in Christchurch.

The 1829sq m of freehold land, zoned Central City Business, is now leased to Wilsons Parking for $75,000 a year, plus GST.

“This is one of Christchurch’s most prestigious development sites,” Macauley says.

“Positioned between Montreal and Victoria Sts, it’s really a superb location near to Hagley Park, the refurbished Town Hall, Christchurch Casino and the Botanic Gardens.”

Macauley says the site has the additional benefit of being within the school zones of Christchurch Girls’ and Boys’ High Schools, Heaton Intermediate and Elmwood Primary School.