Two century-old buildings in Edward St, a tiny cul-de-sac off Victoria St, are up for receivership sale.
The properties at 15 and 19 Edward St were owned by ASP Development and Miramar Development, two companies controlled by Arthur Koroniadis and Stephen Prichard.
John Fisk, who was appointed ASP Development receiver in August, said in his first report that it was in default on loans to the Bank of New Zealand, which held a $746,000 mortgage on 15 Edward St.
The two-storey building at 15 Edward St was strengthened in the 1980s and has a 2009 rating value of $1.79 million and the neighbouring block, which was strengthened in 2003, has a rating value of $1.425m.
Colliers International agent Michelle Spiers estimated the two properties were returning an annual rent of about $230,000.
These character buildings were the only original structures surviving in Edward St as all the properties in the surrounding block were almost all totally redeveloped in the 1980s, said Spiers.
The two properties are being sold together or separately, with tenders closing on Tuesday.
- © Fairfax NZ News
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