Property moments from Christchurch Airport

4:34 PM Tuesday May 22, 2018 Paul Charman

The property at 475 Memorial Avenue is indicated by a red border with the avenue running from top to bottom in this photo. The unusual-looking white structure in the foreground is part of the Russley Rd overbridge. Photo / Supplied

A significant land holding within a stone’s throw of Christchurch International Airport is for sale through JLL agents Sam Smith and Hamish Stallworthy.

The 17.7445ha freehold site at 475 Memorial Avenue is for sale through expressions of interest closing 4pm, Tuesday June 12.

“Arguably this is one of the most prominent sites in the South Island, given its location at the corner of SH1 and Memorial Ave directly opposite the airport,” says Smith.

“Our vendor, who is retiring, tells us that during his lengthy ownership he’s seen marked improvements, driven by the airport.”

Smith says the site is in four titles, with a 500m frontage to Memorial Ave. This allows multiple access points, with additional access available from Avonhead Rd.

“The property is zoned Industrial Business Park,” he says.

“This allows for a wide range of permitted uses, including warehousing, food and beverage, service station, office, gymnasium, pre-school, veterinary care, bulk retail and hotel.”

Statistics NZ predicts that Christchurch City’s population will increase by 19 per cent between 2017 and 2043, an increase of 71,900 residents.

This projected growth makes this the opportune time for developers and investors to secure a site in such a significant Christchurch location, says Stallworthy.

“Memorial Ave is essentially at the gateway to Christchurch and this site is well known by those in the area. It’s in such a prominent location and will undoubtedly be an exciting prospect for developers, land bankers or owner occupiers with the right plan in place. There is also the possibility that the new owner could develop one title and on-sell the rest.”

Across the road from what the agents term “this high quality site”, is one of New Zealand’s premier golf courses, the Russley Golf Club, catering to both locals and visitors to the area.

The agents say the property is a 20-minute drive from Christchurch CBD and is only metres from the SH1 interchange allowing easy access to both the north and south. Recent improvements to the Western Corridor (SH1), which is a Road of National Significance, has seen the road go from two lanes to four. The majority of the traffic is heading into the city, the airport, Belfast in the north or Hornby in the south, with a small percentage travelling further north or south of these key areas.

“The roading in this area of Christchurch is improving at a rapid pace with the new bridge over Memorial Ave and improved links to the northern areas and southern areas of the city,” says Stallworthy.

“Traffic passing the site along Russley Rd is about 25,000 cars per day.

“Another contributing factor to growth in this area of Christchurch is the increase in tourism post the 2011 earthquakes. The city is nearing the end of a $40 billion post-earthquake rebuild. The result of this is not only a modern city, but an increase in tourism.

“Christchurch International Airport reports a record 6.57 million passengers travelled in and out of the airport in 2017, with the trend of increasing visitor numbers into the city expected to continue.

“Tourist numbers into New Zealand are also expected to rise by 4.8 per cent over the next five years to 4.9 million visitors, many of which will travel to the South Island landing in the gateway city of Christchurch,” says Stallworthy.

He points out that Christchurch is the gateway to New Zealand’s South Island and is the key hub for international and domestic tourism.

“Canterbury region makes up 57.5 per cent of the South Island’s GDP.”