Cranmer Courts unit owners are expected to make a decision this week on an overseas offer to buy and save the historic complex.

The Cranmer Courts body corporate received a proposal to buy the entire site, which includes retaining the existing heritage buildings on the corner of Kilmore and Montreal streets, through Risk Worldwide, an international disaster insurance recovery firm.

The Press understands the offer is for about $7 million, on top of the $19m already secured through insurance.

The 33 unit owners have been asked if they want to consider the offer. A 75 per cent "yes" vote is required for the offer to proceed.

Demolition of the historic facade has been halted.

Annabel Sheppard, the lawyer acting for the body corporate, said she hoped to have "an update" by Friday afternoon. She would not comment further.

Unit owner Rod McKay said he "lived in hope" the historic buildings would be saved.

He had signalled to the body corporate committee that he was willing to talk about the offer and hoped other members had done the same.

"I would personally like to be able to drive past here in 10 years' time and see a stone building, a stone facade at least, standing up looking up at me. But we'll wait and see," he said. "Nothing is easy. If we delay demolition, there will be a cost."

The Historic Places Trust has been documenting Cranmer Courts while demolition is at a standstill. The trust was yesterday unable to confirm whether the work was finished.

A Canterbury Earthquake Recovery Authority (Cera) spokesman said demolition was "on hold pending further discussion with the building owner".

The heritage-listed building was red-stickered after the February 2011 earthquake and residents spent $1m stabilising it.

- © Fairfax NZ News

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