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Investors In Box Seat As Hotel Development Site Goes Up For Sale Near New Sports Arenas

A development site poised for the construction of a new boutique hotel within easy reach of the new Christchurch Stadium and Metro Sports Facility has been placed on the market for sale.

The bare land for sale at 252 Barbadoes Street, on a high-profile corner site fronting Barbadoes and Hereford streets, sits alongside an established motel apartment complex.

252 Barbadoes Street

Its location, in close proximity to a resurgent city centre and a wide range of key amenities, including some of Christchurch’s largest sporting and cultural developments, positions it well to capture growing accommodation demand.

The property at 252 Barbadoes Street is now being marketed for sale by negotiation through Bayleys Christchurch, along with Bayleys’ specialist International Sales and Hotels, Tourism and Leisure teams.

252 Barbadoes Street

Salespeople Lindsay Petty, Millie Liang and Wayne Keene said the property consisted of approximately 400 square metres of bare land with some 39 metres of prime frontage to Barbadoes and Hereford streets.

Mr Petty said the site was ready for the development of commercial accommodation, with building and resource consents in place as part of a Future Development Unit under the Unit Titles Act.

“The building consent allows for the construction of a 36-room hotel over four levels,” Mr Petty said.

“Already at 252 Barbadoes Street is an established 27-room motel apartment complex known as City Central Apartments. This ‘L’-shaped building is operated as short-term accommodation under a lease arrangement.”

Mr Petty said it would make sense to have a single operator controlling the entire site, incorporating the existing 27-unit motel along with a new lease or management agreement to operate the newly-developed 36 units as short-term accommodation.

“Car parks will remain as common property to both the existing motel and the new 36-room hotel development. The new hotel will be served by 16 shared on-site car parks after development,” said Mr Petty.

The Barbadoes Street site is zoned Commercial Central City Mixed Use under Christchurch’s district plan, under which commercial accommodation is a permitted activity.

Ms Liang said the property’s central location positioned it perfectly to benefit from rising demand for commercial real estate and accommodation options in a revitalised city centre.

“Demand for vacant land is soaring as the city is being rebuilt. A vacant block of around 1,200 square metres bordering Cathedral Square recently sold for over $8 million,” Ms Liang said.

Positioned on one of the busiest thoroughfares on Christchurch’s one-way system, 252 Barbadoes Street is well served by public transport along both Barbadoes and Hereford streets.

Ms Liang said the site was a short distance from three of the largest projects in the Christchurch rebuild, which are set to become major city attractions.

“Just 500 metres away, ground works have begun for the new $473 million, 25,000-seat Christchurch Stadium. Due for completion in 2024, this multi-use roofed arena is expected to attract major rugby and other sporting events as well as international concerts, for which its capacity will rise to 35,000 including standing room. These events will make the area a key focus for domestic and international visitors,” said Ms Liang.

“Some 2.5 kilometres away, the city’s new $301 million Metro Sports Facility is under construction and expected to open in 2022. This will be the largest aquatic centre and indoor recreation and leisure venue of its kind in New Zealand, and it is expected to host athletes and spectators for local, national and international events.”

Mr Keene said the development site for sale also sat about one kilometre from the new Te Pae Christchurch Convention Centre, which was due for completion in 2021.

“Te Pae will be a world-class facility with the ability host up to 2,000 people at meetings and events which are expected to draw visitors from right across New Zealand and overseas,” said Mr Keene.

“In combination, these signature projects will help to drive a big rejuvenation of the central city and they will significantly boost demand for visitor accommodation in the area.

“The 400-square metre site for sale at 252 Barbadoes Street represents a rare opportunity in central Christchurch for a developer or investor to reap the rewards of the current owner's foresight as to the future of this location,” Mr Keene said.

© Scoop Media

 
 
 
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