An Auckland development company putting up Christchurch's first major apartment complex since the earthquakes is planning to build close to 100 apartments in the city this year.
Global Group lifted the tilt slab walls this week on its first project - a $9 million 24-apartment complex in Riccarton - and is buying four more sites to begin building on.
The company has until now constructed free-standing homes and done earthquake repairs in the city under the name Global Homes, but is branching into apartments to capitalise on post-earthquake demand.
"The real estate agents advise us there's a shortage (of homes for sale), and whatever they have doesn't sit around long. We just want to get in and rebuild Christchurch," said Global Group's national sales manager, Graham Hewer.
The new complex is on the site of a demolished two-storey house on the corner of Riccarton Rd and Rattray St next to the Shand Cres Reserve. It will have eight three-storey buildings, with one two-bedroom apartment on each level.
Hewer said they have a contract to buy a second property in Riccarton and others in St Albans and Merivale, and are "doing design work for those sites now".
They are looking for still more high-density zoned land in the inner suburbs, preferably larger blocks "but even on the old quarter acre you can put six or 10 apartments on them".
The company uses mainly contractors, and will be ramping up the workforce as required, he said. The Riccarton Rd apartments are priced at between $360,000 and $390,000 each, and the company estimates owners wanting to rent them out could ask between $400 and $450 a week.
- © Fairfax NZ News
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