A substantial 10.8 hectare block of residential lifestyle subdivision land overlooking Christchurch’s most expensive suburban region has been placed on the market for sale.
The elevated site overlooking Taylors Mistake Beach in Scarborough is currently zoned Living Hills & Rural Hills under the current Christchurch Council plan, but is zoned Residential Hills & Rural Port hills under the council’s proposed urban plan.
The Taylors Mistake block is close to achieving planning consent for the creation of seven new sections – ranging in size from 662 square metres to 4420 square metres. A sealed road and utility services including power, water and telecommunications have already been laid to most of the sites.
Block owner and developer, Scarborough Hill Properties Limited, has one of these lots under contract. Sections are priced from $255,000 up to $500,000. With the hard work done the development is now being offered of sale.
The hilltop enclave development is being marketed by Bayleys Canterbury through a tender process closing on April 21. Bayleys Canterbury salesperson Jeremy Speight said it was rare to see the disposal of a residential development opportunity of this scale in the Hill suburbs.
However after spending many years undertaking the time-consuming process of obtaining the necessary council consents, then funding infrastructure and utility works, the owner was now looking at a number of options - including an outright sale, a sale of the parts, or a joint venture.
Mr. Speight said an adjoining 17.7 hectare block overlooking Sumner Beach was under contract for an undisclosed sum and subject to completion of due diligence.
Latest figures from real estate sales monitoring agency QV identified that the Scarborough Hills suburb had a median sales price of $1,153,000, the highest value for residential property in Canterbury.
“House prices are booming in Christchurch’s beach suburbs with coastal psyche very strong among residents in Scarborough and the adjoining beach suburb of Sumner. This new subdivision will go some way to meeting that demand for elevated ocean view sections,” Mr. Speight said.
The Taylors Mistake block comprises gentle sloping to steeper terrain - easily accommodating building platforms with stunning coastal views.
Subject to planning consent Mr. Speight said the 10.8 hectare Taylor’s Mistake block may allow any buyer of the block to create more than the planned seven sections.
“The hard, time-consuming work has been done. Complete the work and package for the market,” he said. “And while there is a conditional offer on the bigger Sumner block, the vendor would also entertain any back-up offers to purchase this land too.”