High-profile mortgagee sale
A large two-storey building on the corner of Market and Main streets in central Blenheim is on the market as a mortgagee sale.
The building is owned by a company belonging to Blenheim businessman Greg Hall.
Mr Hall put his company Adventure Sports Ltd, which ran the Blenheim and Nelson Stirling Sports stores, into voluntary liquidation last year owing more than $1 million.
The building, which was run under a separate entity, was put on the market in October last year.
Mr Hall was not available for comment yesterday.
Bayleys Marlborough agent Grant Baxter said the land and building had a capital valuation of $1.94 million.
Its high-profile location in the centre of Blenheim made it an ideal investment proposition, he said.
"The variety of leases across the nine sources of income flow also delivers a broad risk profile for any potential new owner looking at the building for investment returns." The anchor tenant, SBS Bank, occupied the ground floor alongside Billboard Copy, human resources company Intepeople, a legal office, and the Marine Farming Association.
The seven tenants and two billboards provided an annual net rental income of $183,200 plus GST.
The building had undergone earthquake strengthening work last year to exceed the national building standards.
The building's warrant of fitness expired on July 1, and renewal has been applied for.
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