The Christchurch City Council has won the bid to own a prime central city block of land adjacent to the site of the new stadium.
Located on the corner of Hereford and Barbadoes Street, the land comprises a total combined area of 1,037sqm in two certificate titles.
Paying $1.54 million, Council outbid the private sector for the strategic land holding, which was previously owned by Vodafone and sold in a multi offer deadline sale.
Settlement is dependent on completion of a subdivision and title being raised, which is understood to be planned for April. “The Council will consider the best use of the land through the Canterbury Multi-Use Arena’s design process. That work will begin in the coming months,” a Council spokesperson said.
Listing agent, investment sales broker, Courtney Doig of Colliers, speculated that it was a strategic acquisition by the Council with the intent to further expand the new stadium.
“A move like this will increase the positive economic impacts this upcoming development will bring to Christchurch as a city.
“In this sale there was interest from both the Council and the private sector, which confirms our assumptions that land across Christchurch, and particularly within the CBD, is in demand, irrespective of its location. Sales like these are attracting a diverse range of parties from housing developers to investors alike.”