$20m CBD property portfolio must be sold

HANK SCHOUTEN
Last updated 05:00 30/07/2014

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A portfolio of central Wellington properties owned by members of the Papageorgiou family have been put up for sale by receivers.

They include local landmarks the White House restaurant building in Oriental Parade and Burger King in Courtenay Place.

The buildings owned by Spyros, Angelos and Georgina Papageorgiou include several in Courtenay Pl, Cuba St and Oriental Bay.

The sites have a combined value of more than $20 million.

The sales were ordered by David Ruscoe and Richard Simpson, who were appointed earlier this year as receivers of Herne Bay Trust, formerly known as the Ulysses Trust.

The Ulysses Trust was established by family patriarch Basil Spyros Papageorgiou, who began acquiring properties in the city in the 1950s. Ruscoe has declined to comment on the receivership of the unincorporated trust and members of the Papageorgiou family could not be contacted.

Some of the most valuable properties owned by the trust include a group of three buildings on the corner of Courtenay Pl and Tory St.

They are the Athenic building, the adjoining five-storey office block that the ANZ moved out of two years ago, and the corner building where ground-floor space is occupied by Burger King. These buildings at 49 and 53-55 Courtenay Pl have a combined rating valuation of more than $6.3m.

The family also own the building just around the corner, which houses Chow restaurant.

On the other side of Courtenay Pl, they own the Victory Buildings and the neighbouring former Rain bar building, beside the Reading cinema complex.

The White House restaurant building in Oriental Bay is also in the Papageorgiou portfolio.

Another property in the portfolio being advertised by Colliers International is a large old three-storey building at 168-174 Cuba St that has the Olive Cafe as one of the ground floor tenants.

Two other Papageorgiou properties in Cuba St next to the Farmers department have not been listed in the receivership tender.

It is understood they may have already been sold.

Several of the buildings are listed as earthquake-prone by Wellington City Council.

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- The Dominion Post

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