Developer extends holding
A riverside site in central Christchurch has been sold to construction and property development company Armitage Williams.
The property, on the corner of Cambridge Tce and Cashel St opposite the Bridge of Remembrance, was owned by social service provider Age Concern who have now moved to premises in Spreydon.
The damaged four-storey building on a 650 square metre site was sold "as-is where-is". The price has not yet been disclosed.
The purchase is another boost to Armitage Williams' landholding in the area. The company already owns the adjacent 1280sqm site where the demolished Bridgewater Apartments sat, and the neighbouring 580sqm Westpark apartment building site.
Age Concern chief executive Simon Templeton said the sale "paves the way for us to consider our options, and we will be taking time to assess our requirements for the future".
Jonathan Lyttle of Colliers, who marketed the property, said there were several bids for the site, of which most were unconditional.
"It was interesting to note that most of the bidders were keen to retain the building and saw a lot of residual value in the improvements. I think we're likely to see more 'as is, where is' sales as people crystallise their insurance position," Lyttle said.
Christchurch-based Armitage Williams is a commercial construction company which has branched into property development. It has completed office developments in Canterbury Technology Park and on Lincoln Rd in Addington.
- © Fairfax NZ News