Building sale to fund showground plans

ROBYN EDIE/The Southland Times

HE CAN'T OWN EVERYTHING: Property developer Russell Cunningham in front of the Farmers building in Invercargill, which will go up for auction on April 1.

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The Farmers building in Invercargill will go up for auction in three weeks to fund further development of the old A&P showgrounds.

Property developer Russell Cunningham, who owns both properties, has put the building at 150 Dee St up for auction on April 1.

He would not say who the interested parties were or what he expected the building to sell for, but it has an Invercargill City Council rating valuation of $9.5 million.

The Farmers building has just a single tenant.

Cunningham Properties administration manager Vicki Corkill said selling the Farmers building was the alternative to selling 10 other buildings to get the same price.

The specifics of where the money would be spent could not be released, but the proceeds would be invested into various buildings being planned for Cunningham's development, which would be leased out, she said.

Mr Cunningham had many investments in the city but "I can't own the whole of Invercargill, I suppose" he said.

- © Fairfax NZ News

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