Old character buildings for sale

Last updated 10:34 17/11/2012
Vivo

The Vivo wine bar is one of the tenants in two old Edward St buildings that are up for receivership sale.

Relevant offers

Commercial Property

Wellington's Lanes Bowling alley reopens after post-quake refurbishment Wellington regains confidence from earthquake, demand for space creates a market ripe for development Fletcher Building snaps up roofing firm, may enter joint venture Berhampore rest home starts taking shape Foodstuffs on the move after selling Hutt warehouse and offices Transparency could refocus companies Quake-strengthened Hutt City Council building scoops architecture awards Transpower House for sale, company move staff to new, strengthened building Tenants living in Wellington office building on compassionate grounds, tribunal told Wellington bounces back following November quake

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.

Ad Feedback

- The Dominion Post

Comments

Special offers
Opinion poll

Do you rent or own your home?

Rent alone

Rent with others

Own with mortgage

Own freehold

Vote Result

Related story: $1m-plus in unclaimed bonds

Featured Promotions

Sponsored Content