Latimer apartment project abandoned

Press, 22 December 1989, Page 7

Latimer apartment project abandoned

By

KAY FORRESTER

The Latimer Heights high-rise apartment project has been abandoned. Poor sales of units in the 13-storey leisure complex, which was to have been built on the east side of Latimer Square, and the economic climate have prompted the developer to drop the project. A spokesman for the developer, a Christchurch property company, said yesterday the project’s backers had called it off “after long consideration and with great reluctance.” Mr Martin Hawes, of Mcllroy-Kelly Associates, consultants to the developers, said the downturn after the recent DEC collapse created an economic climate not conducive to marketing top-quality units.

Delays in presenting the units to the public had also made marketing difficult.

The project was announced in March of this year by a Christchurch company, Skyrise Investments. The 26-unit and three-penthouse complex near the corner of Hereford Street and Madras Street was to have cost about $9 million to build.

were for sale at $250,000

for a ground-floor, two-bedroom unit to $975,000 for a two-storey, three-bedroom penthouse. Building was originally meant to begin in July, but about that time Skyrise sold the project to another Christchurch company. Mr Hawes said agents for the project had not been able to secure sufficient sales to ensure its success. The o.3ha intended for the development would continue in its present ownership and use, Mr Hawes said. Most of it was private houses. The Latimer Heights complex, designed by Christchurch architectural designers, M. A. Chant and Associates, was promoted as a leisure apartment complex. The design included a swimming pool, tennis court and gymnasium. Units in another high-rise apartment project are selling, according to its developer, Mr John Egden. He said sufficient units had been sold in The Gloucester tower, planned for the west end of Gloucester Street, for the project to proceed. Building contracts for the 10-storey block were being finalised and work was expected to begin in early January, he said.