City Blueprint in tatters

A Lincoln property expert says the Christchurch Blueprint drawn up after the earthquakes is in tatters, in light of recent reports of efforts to stop retail being developed in the prescribed “innovation precinct”.

A group of Christchurch developers are reported to have joined forces to mount a legal challenge against the Christchurch City Council and the company behind the $50 million McKenzie and Willis redevelopment in the central city.

The redevelopment, reports say, is inside the area set aside for innovation in the 100-day blueprint plan drawn up in 2012 to shape a future Christchurch CBD.

The group is said to be seeking a review of resource consents which have been granted for the area for it to be used for retail, which is not what it was intended for.

Associate Professor in Property Studies, John McDonagh, says he agrees that what is happening now in the innovation precinct “is not what a lot of people envisaged for this area and runs contrary to the blueprints original intent of condensing the retail (and office) area around Cashel Mall”.

“I think this latest action is a symptom of the large amount of retail (and office) space now “coming down the pipeline”, and the worries that developers have regarding finding sufficient viable tenants for their developments.

But the reality is that the blueprint is already in tatters – look at all the office space west of the river and in Victoria Street and Lincoln Road, the lack of anchor projects, virtually no residential in the core CBD yet - so it is now just going to be a bunfight for remaining tenants,’’ he says.

Associate Professor McDonagh has previously raised concerns about the future of the CBD, saying in November last year there have already been warnings of an oversupply of office space, a situation which Christchurch experienced before in the early 1990s and took 15 years to recover from.

He said there were many developer casualties as a result.

http://www.lincoln.ac.nz/Lincoln-Home/News-and-Events/Time-to-give-up-on-CBD/

He has also talked about the lack of residential tenants in the CBD and the lack of attractions to draw them there

He said Christchurch now has a hollow core and without substantial office space and the associated spin off retail/hospitality there is less reason than ever to want to live in the CBD of Christchurch.

http://www.lincoln.ac.nz/Lincoln-Home/News-and-Events/Residential-property-problem-looming-for-CBD/

ENDS

© Scoop Media