Damaged apartment complex for sale

Last updated 09:44 26/03/2014
Amuri Parkf
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AMURI PARK: Damaged apartment complex is for sale.

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A damaged apartment complex for sale in central Christchurch is being touted as future accommodation for workers or travellers.

The 42-apartment complex has been put up for sale by its multiple owners after it was damaged in the earthquakes.

It is part of Amuri Park on Bealey Avenue, just east of Barbadoes St and next to the partly-demolished Amuri Park office buildings.

The apartments were built in 2000 and will go to auction in May. The complex has a total of 90 bedrooms and are individually owned on unit titles with a body corporate.

The owners have reached agreement with insurers and been paid out for the damage, and are now selling the building as is, where is.

Real estate agent Philip Cooper of Colliers, who is marketing the property with Jonathan Lyttle, says the sale could help ease the city's accommodation shortage.

"The apartments lend themselves to repair and our previous experience suggests that there will be strong interest in this opportunity," he says.

Cooper says potential buyers would need to "make their own investigations", but there is already considerable technical information available.

The land covers a quarter of a hectare and has a high-density residential zoning. The property includes a swimming pool and a gym.

With the city's rental markets busy, the agents say they are expecting "heated competition" for property, and similar sales have attracted "huge" interest.

Several large complexes of unit titles have gone on the market in central Christchurch in the past year, most after owners and body corporates faced prolonged wrangles with more than one insurance company.

They include the cleared Terrace on the Park site facing Hagley Park, the former Chateau Blanc on the corner of Montreal and Kilmore sts opposite Cranmer Square, the vacant site of the demolished Cranmer Court at 350 Montreal St, and the damaged Peterborough Centre on Peterborough St.

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