City landmark up for tender

Last updated 05:00 11/02/2014

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Wellington's Kirckaldie & Stains is looking to sell its Harbour City Centre building, last valued at about $50 million.

The listed retail company said Bayleys would market the building internationally, which would be sold by tender and subject to shareholder approval. Kirkcaldie & Stains Properties owns the Harbour City Centre building which is tenanted by Contact Energy.

The building was quake-strengthened last year and its value was found to have risen by $3.45m in the year to August, to $50m. Last year about $161,000 was spent on remedial works on the building for things such as broken windows after the earthquakes that struck Wellington in July and August.

Kirckaldie & Stains has previously tried to sell the property, but in 2012 an unnamed party repeatedly missed due diligence deadlines.

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- BusinessDay

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