CCDU BLUEPRINT TROUBLE FOR PROPERTY DEVELOPERS

 

Christchurch property developers have described the Government’s acquisition of land in the CBD, for the rebuilding of major community facilities, as a ‘land grab’. The draft plan proposes a more compact CBD, with buildings no higher than seven storeys and anchor projects, such as the convention centre, earmarked to be built close to Cathedral Square. Furthermore, the CBD will be framed by open green spaces on the banks of the Avon River. The plan has wiped out 10 projects steered by developer Richard Peebles of Ferry Oak Properties Ltd, many of which were drawn up with consents in place and tenanted. Negotiations are currently underway with a number of private landholders, who will receive back the value of their properties at the date of purchase.

Source: TVNZ, 27 August 2012 (HD)

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