The furniture and appliance retailer traded for more than 100 years at the 550 Colombo St site, basing its flagship store and head offices there until earlier this year.
The Press reports the land is now being sold to housing developer Wolfbrook, which plans to build 120 terraced homes and apartments there for about $80m-$90m.
The collapse of Smiths City has liquidators expecting many creditors will go unpaid after adding up more than $26.8 million in liabilities.
About 240 companies are owed money, with unsecured creditors likely to be out of pocket after liquidators, Colin Gower and Diana Matchett from BDO Christchurch, combed through the company’s assets and debts in their first report.
Founded in 1918 in Christchurch, Smiths City operated nine stores with a focus on furniture, electronics and appliances.
About 130 staff were employed before the company wound down operations and closed its doors. It was officially placed in liquidation on October 1.
The Colombo St property’s owner, John Butterfield, bought the site from Smiths City for $20m in 2015 and leased it back to Smiths City.
Butterfield put the property on the market last year before Smiths City decided to consolidate its operations at it premises in The Colombo mall, Sydenham.
Wolfbrook director James Cooney told The Press the central city site is close to amenities, such as One New Zealand Stadium, making it appealing for development. Some new homes in the complex, which will be named Quill Lane, are expected to be priced at about $1m, but most will be cheaper, Cooney told The Press.
-Allied Media
