Park-side trophy site in central Christchurch hits the market

Christchurch’s most coveted residential development site has been placed on the market, with CBRE launching the sale of a 6,100sqm land holding at 76 and 78 Park Terrace. 

CBRE is marketing the substantial site, fronting Hagley Park and the Ōtākaro-Avon River, on behalf of Ryman Healthcare by expressions of interest closing on October 29.

Cameron Darby, Capital Markets Director in CBRE’s Christchurch office, said the sale offers an “unparalleled opportunity” to plan and deliver a premium residential development that will be a jewel in the Christchurch CBD crown. 

“This is the city’s trophy residential site on the park, presenting a development opportunity that is unmatched anywhere else in Christchurch. Opportunities of this calibre simply do not come up in the CBD, with only one comparable sale in the past decade.”

Offering substantial frontages to Park Terrace, Peterborough and Salisbury Streets, the expansive corner site has unobstructed north and west-facing boundaries. This provides exceptional, protected sun and natural light, as well as breathtaking 180-degree views over Hagley Park and the Ōtākaro-Avon River, said Brent McGregor, Executive Chairman of CBRE New Zealand.


“This land holding sits in the city’s premium dress circle on Park Terrace in the West End, offering an unencumbered park and river outlook and rarely-available large scale, allowing for the development of a substantial premium apartment or townhouse project. Any development here will benefit from the prestige of this Park Terrace address, as well as the jaw-dropping views over Hagley Park to the Southern Alps.”

Spread across two titles, the land is zoned for higher-density housing and permits construction of up to 39m high by right. 

An existing resource consent for a retirement and aged-care complex is in place, however this does not limit the broad potential for a residential development of the buyer’s choosing, Darby said.

“The scale, position and outlook of this site means it ideally suits a super-premium apartment or townhouse project aimed at the top end of the market. There is great flexibility here for a residential development that will be the envy of the city’s high end real estate market, with recent sales figures showing that this is among the highest-value areas in the entire city.”

The site’s fundamentals enable a development that will set a new benchmark for residential development in the city, said John Holmes, CBRE Senior Director of Capital Markets. 

“With over 6,000 square metres of land across a corner site, an accommodative height limit and high-density residential zoning, this land is purpose-made for a top-tier project. With the incredible views and position on Hagley Park, nothing else in Christchurch is comparable from a residential development perspective.”

The address also benefits from favourable school zoning and proximity to key amenities in the CBD including Cashel Street retail, Riverside Market, the art gallery and botanic gardens. 

The sale of the site finally unlocks its next chapter and releases a long-awaited development opportunity, Darby said.

“The site has sat undeveloped since the destruction by arson of a substantial heritage home on one of the titles in 2021, and the post-earthquake demolition of the neighbouring large apartment complex. Whether the new owner opts to develop immediately or hold it as a longer term land banking opportunity, this expansive site provides unmatched potential for a high-value outcome.”

Christchurch’s trajectory supports a high-end residential development on Park Terrace, with the city’s post-quake recovery having matured into sustained growth. Major anchor projects are nearing completion, including the Parakiore sports and recreation centre and One NZ Stadium, injecting further confidence into the CBD. Migration is also trending upward and tourism is rebounding as the city consolidates its position as the South Island’s primary gateway.

“Residential demand in and around the central city is also healthy, with around 9,000 people already living within walking distance of the site. With council targeting more than 20,000 inner-city residents by 2028, a project of scale on Park Terrace is well placed to capture demand from the high-end market and deliver long-term value,” he said.