The New Zealand government has confirmed that it has completed a deal for the first three properties it plans to complete by early 2013.
Warwick Isaacs, the Director of Christchurch Central Development Unit (CCDU) has confirmed the Crown has signed documents agreeing to buy the commercial properties, which are linked to its central city blueprint. Purchase price figures will be released to the public when the Crown land acquisition has been completed.
Craigs House in Armagh Street and the Poplar Apartments, both of which were owned by property developer Antony Gough, are set to change hands. The other property on the list is the Lucks Building in Columbo Street. It is owned by Lucks Building Ltd.
Craigs House and the Lucks Building are situated on land set aside for the city of Christchurch’s new convention centre. The Poplar Apartment building is located in the eastern part of the land earmarked for the project.
The Crown should have the first portion of land it needs to buy to start the project by the first quarter of next year. It expects to complete all required land purchases by the end of 2013.
The CCDU mailed letters to the owners of the properties chosen for blueprint projects. The letters informed them of plans to purchase the land. At this point, the Crown has made agreements in principle with the owners of 15 properties. Negotiations are at “an advanced stage” with another 50 property owners.
The property owners are described as quite interested in negotiating with CCDU. They want to conclude the process promptly to they can move on and have the option to reinvest their money in other commercial properties in the city.
Since CCDU has the power of compulsory acquisition if negotiations break down, agreeing a price is a much better choice for the owners on the list of targeted properties.
Previous Post
Norway to Invest in US Real Estate
