Commercial properties change hands

Old warehouse in Horton St, Blenheim
Old warehouse in Horton St, Blenheim

Three prominent commercial building sites in Blenheim have been sold.

Radio House in Blenheim's central business district, the former Hirequip site in Springlands, and an old warehouse in Horton St, Mayfield, all sold in the past month.

Bayleys agent Grant Baxter said Radio House was sold to an investor from Christchurch, in what was thought to be the investor's first purchase outside Canterbury.

Radio House
Radio House

Mr Baxter said there was a lot of interest in the property, with multiple offers made."It's in a good location. It's a classic trophy property really."

The investor planned some minor refurbishment to the building, Mr Baxter said. They had other investment properties in Canterbury, but there were not a lot of available sites in Canterbury so looked in Marlborough.

The Radio House sale was a mortgagee sale, but when asked whether the sale had covered the outstanding mortgage amount, Mr Baxter said he was not privy to that information.

Former Hirequip site in Springlands
Former Hirequip site in Springlands

The Hirequip site on the corner of Lakings Rd and Boyce St sold to a Marlborough buyer with other investments in the region, he said.

He did not know what the investor's plans were for the site.

Hirequip moved out late last year. It was a high-profile site in a good location, Mr Baxter said.

Well-maintained, well-leased and structurally sound properties had a ready market, he said.

"Buyers are a bit more particular about the strength of buildings these days, understandably so."

The third building was a warehouse in Horton St, owned by Taylor Engineering. Wadsco Commercial shareholder John Wadsworth confirmed his company bought the building and took possession just before Christmas.

The company had outgrown where it was, and planned to build a new truck shop and a parts, services and sales area on the site.

It would keep the property next door but lease it out when the company moved into the new building, Mr Wadsworth said. The company hoped to get construction underway as soon as possible.

The Horton St property was owned until 2009 by a Nelson company, which planned to build a retail centre. When that plan fell over, it was bought by Taylor Engineering's Geoff Taylor, a Baptist church member, to be a new community church for the Blenheim Baptist Church.

That proposal fell through in May 2011 when the church community decided to buy a property next to its High St church and instead pursue plans to develop more car parks and offices to cater for the congregation. Mr Taylor then put the property on the market. His son, Conway Taylor, said yesterday the property had been on the market for a couple of years.

"Everyone appreciates the market has been quite tough in the past few years. It was obviously the right buyer at the right time."