Empty Christchurch apartments once described as charming are selling for millions of dollars

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Dean Williams / Stuff

The apartments at Oxford Tce overlook the Southern Alps.

New luxury apartments planned in a tower that has been empty for several years have sold for $3.7 million.

Work began in July to strengthen and renovate the entire Oxford Hotel Apartment on the banks of the River Avon in central Christchurch. It is expected to be completed at the end of next year.

Brett Russell, managing director of the Russell Real Estate Group, said they have already sold nine apartments in the building for between $2.5 million and $3.7 million each.

Most of them were sold to local owners, he said, with a couple sold to out-of-town investors.

Read more: * $3 million apartments find buyers as Christchurch luxury market heats up * Christchurch buildings remain empty 10 years after February earthquake * Bigger ‘as is’ Fontaine bought * Owners take insurance and offer ‘as is’ high-rise apartments to market

He said the tower will have 12 or 13 apartments once renovations are complete. The penthouse apartment, which will extend over the two upper floors, has not yet been put on the market.

Structural reinforcement work for the tower has begun, which will be 100% of the building code upon completion.

Russell said the building is being stripped down and completely renovated to remove many years of neglect.

Dean Williams / Stuff

The apartment building overlooks the Canterbury Earthquake Memorial on the banks of the River Avon.

“There was a lot of bathroom poo and such, to be fair. They really needed to be cleaned up.

“They will be stripped again with new wires, new air conditioning, and structural strengthening.”

He said the apartments were sold after the developers acquired an open house.

“We set up a room in one of the apartments and did an open day to give people an idea of ​​what it would look like.”

The 12-storey apartment tower has been empty since the previous owners settled their insurance policies after the 2011 Canterbury earthquake.

Dean Williams / Stuff

The renovation of the apartments should be completed by the end of next year.

The building, designed by Warren & Mahoney Architects, was completed in 2005. The renovation was designed by Wilson & Hill Architects.

The building, located at 66 Oxford Tce, was once named one of the “30 Dirty Buildings” that were hindering rebuilding in downtown Christchurch.

The apartment building was put on the market “as is, where is it” in July 2018 and sold to developer Patrick Fontaine for $3.15 million.

It was put on the market again in January 2020 and was sold to the Russell Real Estate Group.

The prices paid for the new apartments pale in comparison to the $5.7 million penthouse sold in central Christchurch in March last year.

Two more apartments for the planned “Upper House” project in Park Tse were sold for up to $4.1 million.

Construction began last year at The Spire condominium on Kilmore Street, with home prices reaching $3.15 million.

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