Market stagnation leads to delays in apartment sales

Market conditions and other projects will determine when work on the Fletcher Living apartments at the old Four Square site in Redcliffs will commence.

No start date has yet been announced, as high mortgage rates and cost of living pressures contribute to the current stagnation in the city’s property market.

While the planning application was being processed, Fletcher Living started new projects in Halswell and Lincoln, which also delayed the start of construction on the Redcliffs apartments.

“The consent process took longer than initially anticipated as we had to go through a consultation and hearing process,” a Fletcher Living spokesperson said.

“We are currently evaluating market conditions with respect to a possible start date. Market conditions and other projects will determine when work on the Fletcher Living apartments at the old Four Square site in Redcliffs will commence.”

The architectural plans for the residence have remained largely unchanged from the original proposal.

The first and second floors of the former supermarket will be demolished to build apartments. The ground floor parking lot will be retained, with space for a commercial store or food unit on the corner of Augusta St.

Fletcher Living will update Redcliffs residents at a public meeting on August 5. The meeting will also discuss other issues in the area, including the ongoing development of Barnett Park, the effect of rising sea levels on the area’s infrastructure and the potential impact on insurance premiums.

Dr. Cynthia Roberts, ecologist and Redcliffs resident, will give a presentation on predator control and the diversity of rare and endangered plant species in Barnett Park.

She will also provide insight into the extensive work volunteers have done to collect and propagate seeds from indigenous peoples so they can plant them.

Jane Morgan, the council’s coastal adaptation team leader, will speak about the council’s plan to manage sea level rise.

The residents’ association has also asked insurers to discuss rising sea levels and groundwater levels and the consequences this could have for the insurability of properties in low-lying areas.

Commissioner Martin Ward said: “Redcliffs village is within a council flood management area, with a significant overlap with the liquefaction management area. That is doubly concerning.

“We would like to know how insurers respond to this when determining premiums.”

Ward said the event would be an excellent opportunity for the association to get feedback from residents on ongoing projects and concerns, and would also help strengthen the community.

“Ultimately, it’s about community building. A big part of what we do as an association is bringing people together.”

In addition to the various presentations, there will also be expo-style meet and greet stands for organisations such as Redcliffs Tennis Club, Mt Pleasant Pottery Group and Christchurch Yacht Club. Drinks and snacks will be available from a cash bar.

• Community night will be held at Club Redcliffs, 9 James St on August 5 from 5.30pm. Presentations will start at 6.30pm.

By Jenn Loh