The purchase of new land!

While out and about I drove past a ‘MORTGAGEE SALE’ sign, the land was 2,820 sqm (more than Ranui which is 2,040).  The property had gone to auction on June 25th.  The land had seven old houses on it which were in need of a lot of TLC.  Despite this all were tenanted.
The Trust decided to put in an offer and it was agreed by the Bank to hold off making a decision until the following afternoon.  All stops were pulled out and by 9 am the following morning the Trust had an offer on the table.  4.30 pm the same day I received a phone call to say it was ours.  Very exciting!  It was all settled by the following Tuesday. Amazing!!!

Prior to this the Trust had had many discussions about purchasing land, the condition being, it had to be within walking distance to the hospital.  The Trust purchased this site with a long term view to building additional accommodation when required. The land is a 5-6 minute walk from Christchurch Public and Christchurch Women’s Hospitals and is situated south of the hospital, opposite Hagley Park.  Before the earthquakes it had an LB4 zoning.  We hope it still does.

The earthquakes have made us rethink our position as to the future of the houses which were already in poor repair as they have suffered additional damage through the quakes, some significantly. We are currently still working with EQC and the Insurance companies regarding the future of the houses.  However it is great to know we have the land in reserve which did not suffer any liquefaction.