‘Cathedral Towers’ apartment with rooftop restaurant

‘Cathedral Towers’ apartment with rooftop restaurant

trioNew plans for a $25 million apartment tower complex, with a rooftop restaurant, could prove a breakthrough for Cathedral Square.

REV3 Developments Ltd has bought the vacant Heritage tower site, which straddles Westpac Lane at 26 Cathedral Square. The company will soon seek resource consent to build two new apartment towers and plans to start construction in September.

Director Ivan Presquito said the towers would be nine and 14 storeys high. They would house 72 “high-end” apartments including penthouses, with balconies overlooking Westpac Lane.
The Heritage Hotel tower, behind the Old Government Building, in Cathedral Square before it was demolished. The …
STACY SQUIRES

The Heritage Hotel tower, behind the Old Government Building, in Cathedral Square before it was demolished. The Millennium, to the right, is still standing.

Designer stores and cafes will go at street level, professional office suites on the first floor, and a restaurant on top. The complex will be called Cathedral Towers.

No other private or public developments have got off the ground in Cathedral Square post-earthquakes, although groundworks on the library rebuild site facing Gloucester St have started.

This week the Christchurch City Council confirmed its $9.2m Square redevelopment plan was on hold pending progress on projects including the delayed Convention Centre and damaged Christ Church Cathedral.
Demolition work on the Heritage Hotel tower, behind the Old Government Building, in 2013.

Demolition work on the Heritage Hotel tower, behind the Old Government Building, in 2013.

REV3 have paid around $3 million for their site. It is between the existing Heritage Hotel’s Old Government Building and the Millennium Hotel building, and was occupied by the Heritage’s tower building until its 2013 demolition.

The three men behind REV3 are Ivan Presquito John Fernando and Vincent Ho, all professionals and migrants aged in their 30s. They have already developed a sold-out apartment complex three blocks east on Worcester St, and plan another on Stanmore Rd in Linwood.

Presquito says they “cannot afford to landbank” and need to start developing their Cathedral Square land.

“We are younger than a lot of the other developers, and we are keen to get going,” he said.
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“The city should have been rebuilt by now, it is regrowing, but no-one else wants to start. We are here to rebuild.”

Ho said they had received a lot of help from the Canterbury Earthquake Rebuild Authority (Cera) and the Christchurch City Council, with both groups keen to kick-start development in the area.

They hope to start marketing the apartments this month.

Presquito said apartments had sold well in other parts of the central city and he believed their site had “huge potential”.

They expect to sell the homes to well-off professionals who work in town, returning expatriates and others who like “a city lifestyle”.

Prices will range from around $330,000 for a one-bedroom apartment and two bedrooms for $450,000 to between $940,000 and $1.5 million for the penthouses, with car spaces extra. For more than $1.8m buyers can have a whole floor.

Car lifts powered by German technology and software will take residents’ vehicles to their apartment level. New Korean smart home technology will use smartphones to control everything from the alarm and doors to heating and the television, and monitor when family members and the car arrive.

They will use base isolated foundations, which are “over the top” but will give high-rise residents confidence, Fernando said.

Ho said extras such as photovoltaic window glass and an electric car charging station were being considered.

Presquito said the company was looking for the right operator for the top-floor restaurant, “but they must be a good brand or a nice, high-end operator to fit the location.”

The company is also considering another development site in Cathedral Square, but will not yet reveal the location.

WHO ARE REV3?

– Ivan Presquito, an accountant from the Philippines; John Fernando, a chemical engineer from Sri Lanka; and Vincent Ho, an electrical engineer from Hong Kong.

– All aged in their 30s, living in Christchurch. They are co-directors of the firm.

– Stuff

http://www.stuff.co.nz/business/78583307/cathedral-towers-apartment-buildings-with-rooftop-restaurant-planned-for-cathedral-square