First Major High Spec Apartments Investment on the Edge of Red Zone Underway
The innovative directors behind property company REV3 Developments demonstrated their commitment to regenerating the East of Christchurch, as the first sod was turned today on their ‘high spec’ yet affordably-priced 31 apartment complex , Trinity Terraces, in Stanmore Road.
The Stanmore Road complex on TC2 land is the first innovative residential project in the area. Within a short walk of Linwood Village, Trinity Terraces will add appeal to the sometimes struggling east of the city which saw red-zoning of homes after the 2011 earthquakes.
REV3 Developments’ three Christchurch-based directors, said the apartments will be completed by August 2017. Trinity Terraces is their second residential development in the city following an earlier development in Worcester Street.
“It will be one of the biggest apartment developments in Linwood in recent years and is driven by the desire to make new homes fit within the budgets of ordinary Kiwis,” said one of the REV3 Developments directors, Ivan Presquito.
Their design uses solar panels to significantly reduce power costs for the apartment owners and other high spec products including solid granite benchtops, LED lights, fibre-cabling and double-glazing.
In April the company also announced its plans for a multi-use luxury apartment, retail and hospitality complex, Cathedral Towers, to be built on the south side of Cathedral Square.
With Trinity Terraces, Presquito and fellow directors John Fernando and Vincent Ho said they were passionate about delivering innovative and premium housing and excited to have found a way to bring a high spec but affordable option to first home buyers and young professionals wanting to get a foot on the property ladder.
Presquito said the directors were humbled that nearby property owners had thanked the three for the injection of a new project on the main thoroughfare of Stanmore Road saying it would certainly help increase the value of all homes in the area. Business owners were also welcoming the new people and families that would be moving into the area.
As well as the apartment development being a worthy addition to the East, the REV3 team have also organised a street art competition on the project’s temporary frontage as well as a general litter cleanup of the surrounding area. They want to engage the community with these initiatives.
The Stanmore Road complex is REV3’s most eastern project in Christchurch to date and will introduce extra style into the suburb of Linwood, which has only seen a gradual introduction of smaller units, townhouses and duplexes since 2011.
But none are of the size, quality or have the aspirational features of the REV3 Stanmore Road project, the directors say.
The apartments cater for both new home buyers and also a new Christchurch demography that has emerged after the quakes.
“Other new projects are using cheap cladding, and often low specification products, Ivan says. He wants aspiring New Zealanders to be able to afford quality and feel more confident in making their first steps into property ownership.
“The homes will help make the East side of the city aspirational and appeal to returning expats who expect excellent standards,” Presquito said.
The REV3 directors trio have complementary views of design, having grown up in high density Asian cities – Manila, Hong Kong and Colombo. Driven by their love of development they worked with local firm iStructures to ensure their vision was balanced by an achievable build process.
“Istructure’s engineers designed a lightweight steel framing system to achieve strength while reducing building cost. This saved money which was then re-directed back to providing better quality claddings and finishes said iStructures architectual designer Nigel Lamb.
“We also purposefully designed Trinity Terraces to give a sense of community. This is affordable living but not a monolithic ‘block of flats’,” Lamb said.
“Instead the apartments are in five separate and unique groupings across a larger property. The architectural style is truly residential and designed with a village feel.”
Trinity Terraces are proving popular with eight of the Stanmore Road townhouses already sold, and a further eight under offer. Prices range from $259,000 for a one-bedroom unit to $399,000 for a three-bedroom unit.