Melbourne developer snaps up site

Last updated 13:00 19/09/2012
house parts
MARION VAN DIJK/FAIRFAX NZ

KNOCK-DOWN PRICE: The vacant House Parts building on Wakefield Quay sold for about $750,000, below its GV of $1.1 million. It had previously had a GV of $1.5 million.

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The vacant House Parts building on Wakefield Quay has sold to an Australian developer who plans to put apartments on the site.

Rob Wallace of Bayleys real estate said the site sold for about $750,000, below its GV of $1.1 million. It had previously had a GV of $1.5 million.

The man who bought the site was New Zealand-born, but had lived in Melbourne for a number of years. He liked Nelson and was very keen on the site. The purchaser planned to start building apartments in the next two to three years. In the short term he planned on cleaning up the site and renting it out for storage.

Mr Wallace said the building had been through a number of different real estate agents. It has been vacant for three years and in February 2009 firefighters put out a suspicious fire in the building.

The building was previously owned by Wellington property development firm Globe Holdings that built the nearby Latitude 41 apartments, and had planned to build more apartments on the site.

Mr Wallace said the bank behind the building needed to be stabilised before construction.

The buyer had the knowledge to deal with the site as he had developed a large number of apartment buildings. "He loves the site."

The building still carries the name of the former House Parts business run by John Walker, who shifted to Bridge St in 2003, but then shut up shop in 2009.

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