The Crown has reached an agreement to buy the last property needed to build Christchurch's long-awaited $473 million covered stadium.

Work on the new 25,000-seater rectangular-turf Canterbury multi-use arena has started and is due to be completed by 2024.

One building has been left standing on three cleared CBD blocks bounded by Tuam, Hereford, Madras and Barbadoes streets.

Owners of the 110-year-old NG building at 212–214 Madras St, Roland Logan and Sharon Ng had filed an injunction against the Crown in the High Court in Wellington to stop the compulsory acquisition of the building by Toitū Te Whenua Land Information New Zealand (LINZ).

The historic warehouse, home to NG Boutique since 2005, has been on the knife-edge of planned demolition since 2012. (Photo / Supplied)

The case was heading to a trial but LINZ today confirmed that a deal has been struck with the owners.

Group manager for Crown Property Lydia Bloy said she is pleased it provides certainty around progress of an "important anchor project".

"The arena is one of four key anchor projects in the 2012 Christchurch Central Recovery Plan and is expected to have a range of economic, social and cultural benefits for greater Christchurch's regeneration," Bloy said.

"It was good to continue our discussions with all the key parties – the owners, CMUA Project Delivery Limited and Christchurch City Council – to agree a positive outcome for the building and the city.

"We're pleased the people of Christchurch now have certainty around progress of this city asset that will provide so many great opportunities for Christchurch and Canterbury."

The agreement with owners Logan and Ng includes the NG building being moved to another location that is south of the Transitional Cathedral and on the CMUA site.

Logan and Ng are responsible for moving the building and they have one year to complete the move.

"Leaving the NG building where it is wasn't an option because we were advised it would have greatly impeded the design and functionality of the arena," said Bloy.

LINZ has been engaging with the owners to seek to acquire 212–214 Madras St by mutual agreement since inheriting responsibility for central city land acquisitions for anchor projects in 2016.

The agreement reached is a full and final settlement of all claims in relation to the property, meaning the related court case is now closed.

Earlier this year, LINZ carried out significant survey works on land within the arena footprint, including stopping roads and amalgamating property titles.