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An 8145 sq m piece of land, bordered by Gloucester, Madras and Armagh Sts is up for sale to private buyers.
Crown-owned company Ōtākaro Ltd is the current owner.
Ōtākaro is charged with delivering central city anchor projects which the government committed to after the quakes.
Colliers International agent Courtney Doig said part of the criteria will be that the buyer has the resources to complete the development.
"This is going to suit someone who knows what they're doing, and has the necessary resources to complete the project in a timely manner.
"Speed of development and capability of delivery are essential, whether it be for residential or mixed-use.
"This area of the city is increasingly popular with people moving into the city centre; it's close to CBD amenities, near to the popular SALT District and close to the site of the new Christchurch Multi Use Arena."
The site's most significant neighbour is Fletcher Living's One Central, where close to 200 homes have now been purchased.
Ōtākaro chief executive John Bridgman said it has identified the prime site as an important piece of land and is looking forward to seeing a range of proposals for its development.
"We hope the successful sale of this latest site will also be a call to action for others who have been waiting for the right time to move forward with plans for their own vacant sites around this city."
The site is for sale by deadline private treaty, closing March 18.