Delivered
Artist’s impression of the new hotel to be built on the Papanui Road site.
Up to 90 homes are being built on a large Christchurch lot that was previously slated for a 150-room hotel after the land’s wealthy owners sold it to a developer.
That Hotel was announced in 2018 as a replacement for the earthquake-damaged All Seasons Hotel in Merivale, which has since been demolished.
The condition of the Papanui Rd property was in a marked state widespread complaint from local residents after the hotel fell into disrepair after the earthquake and attracted vandals and squatters. Formerly the Autolodge, the hotel dates back to the 1970s.
The New Zealand wealthy Pandey family owned the site as part of their CPG Hotels group. The group has hotels across New Zealand, as well as in the United States and Fiji.
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* Prime resource-approved development site is available for sale in Christchurch
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The CPG Hotels Group has offered the three-quarter hectare property with a resource concession for a hotel with a restaurant, bar and swimming pool for sale.
The country also had an urban zoning system that allows the development of 70 to 90 apartments such as apartments, townhouses or townhouses.
Commercial real estate agent Tim Rookes, who handled the sale for CPG Group, said there was almost no interest from potential buyers in building the approved hotel.
Delivered
The land at Papanui Rd and Onslow Street in Merivale has been sold for housing.
However with There is strong demand for building landthat there had been shouting from house builders, he said.
“There was really a lot of interest from buyers ranging from institutional builders to smaller ones. We got calls from a number of parties. “
The buyer and price have not yet been identified due to a confidentiality agreement, but Rookes said the new owner of the property is a major developer.
things
The All Seasons Hotel on Papanui Rd will be demolished in late 2018.
The country is in several titles. It’s right across from St. Margaret’s College and also has a facade facing Onslow St.
Christchurch’s largest private housing companies are Williams Corporation and Mike Greer Homes, which together had $ 58 million worth of new housing approved by the city council last year.
Williams Corporation directors Matthew Horncastle and Blair Chappell said they were not the buyers of the Papanui Road property. Mike Greer was unavailable for comment.
The city is in the in the midst of a real estate boom, with 3200 new apartments approved by the city council in the year to June.
In the first six months of 2021, Christchurch, Waimakariri and Selwyn counties approved more than $ 1 billion in new housing for the greater metropolitan area.
The busiest areas for home construction were Halswell, downtown, and St Albans.
Horncastle said the market for buying land for housing across the city is “hyper-competitive” between developers and that land prices are high and will continue to rise.
HOMED
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