Market Update from the Christchurch Central Development Unit

The Christchurch Central Development Unit (CCDU) has confirmed the Crown’s purchase of properties in the new Retail Precinct to ensure progress for the redeveloped central city.

The Crown has recently purchased the property at 96 Oxford Terrace from GSTR Holdings Limited at a cost of $4,800,000, and properties at 82-86 Cashel Street, 98 Oxford Terrace, and 100 Oxford Terrace from McAlpine No 2 Limited at a cost of $7,450,000.

The Retail Precinct, located in the new compact CBD core, is a key anchor project in the Christchurch Central Recovery Plan.

CCDU director Warwick Isaacs says the Crown was approached with the opportunity to purchase the properties in the South West End of the Precinct, and saw it as a means to ensure there is the comprehensive development that is required.

``We have always said that the Crown may become more involved to ensure there is progress in the Retail Precinct, and this is a course of action many of the landowners and developers in the Precinct have urged us to follow,’’ Mr Isaacs says.

McAlpine No 2 director Anthony Leighs says he is pleased the Crown has shown commitment to this part of the central city recovery by consolidating the company’s former sites.

``We became involved in these sites for a specific project for a specific corporate entity. That project is not able to proceed, hence the decision to offer the sites for sale,’’ Mr Leighs says.

``It is some of the best land in the Christchurch central city, and as we’re not a developer, it’s appropriate that we offered the sites for sale so that the full potential of this sensational part of the new Christchurch CBD would be realised.’’

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