Eyal Aharoni's Prime Property Group has bought the Barnardos office block in Ghuznee St, Wellington.
The company paid $2.4 million for the property, well below its rating value of $3.3m.
Aharoni said he planned to redevelop the six-storey earthquake-prone building. "We're going to fix it up and lease it. Upstairs could be offices or residential and the ground floor could be retail. We could extend it back into the car parks, it's a good site."
The building stands on a 1400 square metre site at 85-89 Ghuznee St. There is a single-storey warehouse and a large car park at the back.
Colliers International agent Michelle Spiers, who handled the sale, said eight tenders were received.
Barnardos, which occupied the building for several years, offered the property for sale on a vacant possession or short-term leaseback basis.
The property was promoted as an outstanding development opportunity that could be put to residential, retail or office use.
- The Dominion Post
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