Revamp plans after block sells under RV

Last updated 09:39 11/12/2012
Barnados building
The former Barnados building in Ghuznee St.

Relevant offers

Commercial Property

Aussie owner of Wellington offices gets OIO nod for $100m property fund Does Wellington need a new secondary school in Karori? Taupo All Seasons Kiwi Holiday Park for sale Old Bank Arcade Wellington retailers prompt City Council sign policy review The Warehouse could quit Wainuiomata if mall upgrade doesn't happen soon Globally cheap industrial space rents in Auckland, Wellington and Christchurch Taranaki CBD office on the market, leased by Todd family Conservation House and Tel Tower in Wellington CBD on the market Odours from mushroom farm force rethink over location of kura kaupapa Non-structural elements a risk to life in earthquake says NZ Insurance Council

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.

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