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Why Christchurch is a Great Place to Invest
Behind Auckland and Wellington, Christchurch is New Zealand’s third most populous city, with about 396,700 residents who call it home. It’s also the largest city in the South Island of New Zealand. While agriculture has always been a mainstay of its economy, the city is developing in other areas to continue to attract new visitors to the region. That growth includes new construction developments, hospitality advancements and the building of other important public buildings.
Since the series of earthquakes during 2010-2012, which devastated many businesses and residents, the city has slowly worked to rebuild itself. By the end of 2013, some 1,500 buildings had been demolished and new construction begun in their place. Recent advancements in construction and developments within Christchurch have helped turned it into a city ripe for investment opportunity.
Convention Centre Construction
While the initial building of the new Christchurch Convention Centre has been delayed several times, it’s now expected to be completed in early 2020 and will cost about $475 million. The new convention centre will be built on the same site as the original building, which was demolished in 2012 following the earthquake. After the project changed hands a few times between different construction companies, the foundation was finally poured for its construction in November 2017. Events will begin to be hosted there in mid-to-late 2020 and that’s expected to help grow and revitalise Christchurch’s economy and turn it into a centre for worldwide business events.
The Christchurch Convention Centre is projected to be a world-class facility supported by several industries, including accommodation, retail, hospitality and public transport. It’s thought that the construction of this large convention centre will expand the city’s tourism capabilities and support large events attended by many individuals living in and outside of New Zealand. It will also serve as a nice complement to the 3500-delegate venue in Auckland and a proposed smaller facility in Queenstown.
Four new hotels are currently under development or being constructed in Christchurch to accommodate the future influx of visitors to the city, including those who will eventually attend events at the Convention Centre. In May 2017, it was announced that the Wyndham Hotel Group would be opening a new facility in central Christchurch — the Ramada Encore — on the southeast corner of Colombo and Salisbury streets. This five-story hotel opened at the end of last year and is currently accommodating tourists and other business travellers to the city.
Brand new hotels create a wealth of opportunity for interested investors and help contribute to the strengthening of Christchurch’s economy and tourism.
To entertain new visitors to Christchurch, whether they’re traveling for business events or pleasure, a wealth of multimillion dollar businesses are opening soon. Some newcomers to the area will include riverside bars, a cinema facility, a farmer’s market, a swimming pool complex and a new library, which are all set to open during 2018.
In March 2018, the Terrace Tavern opened in Christchurch. It hosted a small gathering of about 100 guests during its opening night and it plans to continue to serve its clientele with “good wine, good food and good service”. Other restaurants that have opened in recent weeks include Craft Embassy and the Botanic restaurant and bar. Still to open this coming May is Teppanyaki restaurant Amaterrace.
A $50 million, seven-screen Hoyts Cinema facility is opening in September 2018. It will showcase the latest movies to entertain visitors to and residents of Christchurch and surrounding areas. It will also feature 17 dining outlets on the ground floor to help attract guests and keep them well-fed during the entertainment. Two of the screens in the theatre will have premium food-and-drink service and luxury seating, so attendees can enjoy a meal while they watch movies. Its construction will create jobs for the area and many believe it will activate the Colombo Street neighbourhood.
Many of these brand new economic developments will help attract visitors to Christchurch, both vacationers and business travellers alike, and contribute to the revitalization and regeneration of this beautiful city with new jobs and opportunities for business investment.