Neighbours of the Christchurch site have been reported as complaining about graffiti, dumped rubbish and weeds on that site, stalled in the economic downturn.<\/p>\n
\u201cMarquee site languishes\u201d, reported The Press last year.<\/p>\n
CBRE referred today to the land as a \u201ctrophy site in central Christchurch\u201d.<\/p>\n
The Park Terrace site is opposite the beautiful Avon River. Photo \/ ChristchurchNZ<\/p>\n
Darby said it was a development opportunity unmatched in the city.<\/p>\n
\u201cOpportunities of this calibre simply do not come up in the CBD, with only one comparable sale in the past decade,\u201d Darby said.<\/p>\n
The site has frontages to Park Terrace, Peterborough and Salisbury Sts.<\/p>\n
It also has unobstructed north and west-facing boundaries. <\/p>\n
CBRE executive chairman Brent McGregor said: \u201cThis provides exceptional, protected sun and natural light, as well as breathtaking 180-degree views over Hagley Park and the \u014ct\u0101karo-Avon River.\u201d<\/p>\n
It is in the city\u2019s premium dress circle.<\/p>\n
Ryman earlier this decade had called the project Park Terrace Village but has now removed a link to all marketing of it on the website.<\/p>\n
Naomi James, chief executive of Ryman Healthcare.<\/p>\n
In 2021, hearing commissioners approved plans for six buildings on the site, 155 units with one to three bedrooms as well as 54 assisted living suites, as 70 rooms for aged and dementia care.<\/p>\n
A swimming pool, gym, bowling green and a restored heritage chapel were part of the huge scheme.<\/p>\n
That was to be the company\u2019s largest investment in Christchurch, where it was originally founded last century by John Ryder and Kevin Hickman – hence the name Ryman.<\/p>\n
Neighbours opposed the plans on the basis of bulk and density, but commissioners agreed to it, as long as some changes were made.<\/p>\n
A Ryman spokeswoman said it had previously announced a review of its land bank holdings to identify sites which do not meet its criteria for future development and where greater value can be delivered for shareholders through divestment.\u200b<\/p>\n
\u200b\u201cLand bank divestment forms part of Ryman\u2019s broader transformation programme announced during the February 2025 equity raise. <\/p>\n
\u201cThis includes the target of releasing $500 million of cash over the next three to five years, primarily through the sell down of existing unit stock and selected landbank divestment.\u200b”<\/p>\n
\u200bShe said land bank sites were being reviewed against investment criteria focused on demographics, demand, build complexity, staged delivery and competition. <\/p>\n
\u201cPark Terrace has been selected for potential divestment and is now being actively marketed.\u201d<\/p>\n
Ryman Healthcare construction on Killarney St, Takapuna where it paused building. Photo \/ Jason Dorday<\/p>\n
In 2023, it changed plans<\/a> for many sites.<\/p>\n It described the housing market as \u201cchallenging\u201d and said it would be selling two sites and deferring work on another three<\/a>:<\/p>\n Selling land at\u00a0Kohimarama<\/a>\u00a0after abandoning a controversial $150m plan strongly opposed by neighbours;Selling land in Newtown, Wellington, described as an extremely capital-intensive site;Pausing work at the ex-fire station site at Takapuna;Development of Melbourne\u2019s new Ringwood East village has been paused, although basement work has also begun;Expansion of Murray Halberg Village in Lynfield, Auckland, has been paused.<\/p>\n