Cranmer complex may be sold

Press, 26 February 1983, Page 1

Cranmer complex may be sold

Berryman Properties, Ltd, '< the Christchurch-based company which is converting the I old Normal School in Cramer ’ Square into a modern resi- i dential complex, is consider- I ing selling its interest in the s complex after finishing the 1 first stage of 12 apartments. 1 The company’s’ managing director, Mr Chris Berryman, 1 said that he had been ap- i proached about a possible I sale of the second and third 1 stages, and he had then ap- < proached others. s He said that be was not ' being forced into considering selling because of any financial pressure, but because it 1 was an "interesting alterna- ' tive.” “I have two options. l ean < complete it all myself, of let ■ someone else do it. If an attractive' proposition is made, I would consider it in

a favourable light,’’ he said. Mr Berryman expects the first stage of 12 apartments to be completed within the next two months. In October last year he was quoted as saying that he expected the first stage to be finished by December. He said several matters had delayed progress. First, the roof of part of the former school collapsed in March last year. Second,, sales of the apartments had slowed in recent weeks (only one sale has been made in the last few weeks), and finally, he had: previously under-estimated the amount of physical work involved. The company employs its own building staff, which Mr Berryman said totalled 22. He said he had sold seven of the 12 units in stage one and two apartments were occu-

pied (one by himself) and a third apartment would be occupied by next week. Mr Berryman said he wanted to emphasise that if he sold his interest in the second and third stages it would be to someone who could maintain the existing high .standards. The first stage which is nearing completion is the Kilmore Street apartments. The second stage comprises another 10 units on the Montreal Street frontage, and the third stage is on the north of the site facing Peterborough Street and will comprise town houses and recreational facilities. The whole project was last year estimated to cost $4.5 million. Mr Berryman said he thought there would be only slight cost overruns.

The main additional cost resulted from the collapse of the roof. The insurance company had not so far paid out on the claim and proceedings were being taken against the insurance company, he said. Mr Berryman denied that he was getting “cold feet.” He said that he had invested several hundred thousand dollars of his own money and would not have started out on the venture unless he was sure it would succeed.

He was looking at restructuring the financial arrangements for the complex, and expected them to be completed within the next two weeks. Mr Berryman said that he was more than ever . convinced there was a demand in Christchurch for the innercity residential living that he was promoting. Prices of the units range from $140,000 to $175,000, and give the purchasers the right of access to the stage three facilities when they are completed.