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weeKender Friday July 24 2015
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Quake damaged units hit property market
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AS IS WHERE IS sales of quakedamaged apartment blocks are hitting the market. Body corporates are selling blocks of units once their insurance settlements come through because they can’t be bothered with long drawn-out repairs. The latest on the market is 34 apartments which span 224-242 Salisbury St. They will be auctioned next month. They are being marketed “as is where is”. They have been temporarily strengthened so 33 of the apartments can stay occupied. This reflects a growing trend among body corporates, Courtney Doig and Paul Vining of Colliers International said yesterday. “This development is strategically positioned within walking distance to the thriving Victoria St precinct and the heart of Christchurch’s newly forming CBD. The complex is situated diagonally opposite Briscoes and a site earmarked for supermarket use,” Mr Doig told the New Zealand Herald. “It offers significant holding income which will enable sufficient time to plan and develop surplus land.” In the past 18 months, Colliers has transacted more than $25 million in sales of unit title apartment blocks in Christchurch. Turn to page 3
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