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 former Red Cross building on the market Commercial property's boom-bust cycle catches up with lawyers Chow brothers move Auckland property into NZAX-listed shell company RIS Group Large development land parcel in Napier on the market Former post office in Lower Hutt to be converted into apartments Low vacancy rates in Wellington and Auckland office and retail sectors Gaming company Aurora 44 brings new life to former CIT complex Petone Grenada Link road making life difficult for Petone businesses Low voter turnout could block trusts attempt to sell land at of Shelly Bay Bumper year for hotel sector in 2015 sees 11 hotels sell for $290m

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