Property developers planning an apartment complex in the Christchurch suburb of Linwood hope their project will help boost a neighbourhood they believe should be more popular.
The developers, REV3 Developments Ltd, recently bought a double residential site on Stanmore Rd and will build 31 apartments on it.
Going against a trend of cheaper accommodation in the area, they are aiming at young professionals buying a first home or retirees who like city living.
REV3 directors Ivan Presquito, John Fernando and Vincent Ho said the time had come for the neighbourhood to become more in demand.
“We are changing the face of Stanmore,” Presquito said.
“If developers won’t rebuild the area, this place will continue to bear the stigma of being called ‘the hood’. But we will, we want to change that image.”
The trio, all migrants, said they struggled to understand why an area less than a kilometre from the central city was still run down while other inner suburbs were gaining in value.
They believed the area should attract returning expatriates or migrants familiar with apartment living overseas.
“This area needs revitalisation and there are a lot of old, quake damaged houses around here,” Fernando said. “It is just waiting to be developed.”
They hoped the Linwood Village Master Plan, adopted by Christchurch City Council in 2012, would help boost the neighbourhood.
The masterplan set out how the business centre around the corner of Stanmore Rd and Worcester St could be redeveloped after two-thirds of its buildings were lost in Canterbury’s earthquakes.
REV3’s site was two doors down from the shopping area.
Other than the masterplan, the company’s directors said not much else was being done to improve the area.
“We’ve got a long-term vision, but we’re biting the bullet because we saw an opportunity and we grabbed it with both hands,” Ho said.
The company hoped to start work on the site in May. They would call the complex Trinity Terraces after the nearby Holy Trinity church.
REV3 recently completed and sold a complex of apartments in the central city, and owned land in Cathedral Square.
According to property analyst CoreLogic, market values in Linwood rose 2.8 per cent last year to an average of $322,000. The suburb, particularly the western side near the central city, had a high percentage of rental properties.