Going ... going ...could be gone for only $1
An inner-city Hamilton property is up for auction and could potentially sell for as little as a dollar.
The property, a three-level building on the eastern end of Victoria St near Bryce St, will be sold at a no-reserve auction next month.
The Auckland-based family trust that owns the 470 square metre building has decided to sell up and to sell quickly after binning plans to redevelop the property.
It has been vacant for the past two years as the owners looked at potential avenues to redevelop and had extensive research reports completed.
NAI Harcourts managing director Mike Neale said the trust made it clear that it was looking to sell the building and would be selling the property at a no-reserve auction, a unique type of sale in the commercial property sector.
Neale said that in his career he had never seen a commercial seller opt for a no-reserve auction.
"Vendor motivation doesn't get any greater than this . . . in theory it could go for as little as a dollar."
Tainui Group Holdings owns the surrounding land freehold and the leasehold interest.
The property was previously occupied by a travel agency and a horticulture recruitment centre and sits between outdoor pursuits store Kathmandu and House of Travel.
It is being targeted at developers and owner-occupiers.
Buyers looking at taking on the property will need to be prepared to spend money and have upgrading work done as the building has been flagged for earthquake strengthening because it falls below the minimum threshold requirements.
Neale said thorough research into the property and drawn up redevelopment options commissioned by the current owners will give buyers a head start on any upgrading work.
Under the Hamilton City Council operative plan the building has central core zoning, but under the proposed district plan that will change to the new downtown zoning.
"That won't change much," Neale said.
"If anything, it will improve the building's use slightly."