Potential buyers eye up Forsyth Barr

FORSYTH BARR: The 17-storey office block was badly damaged in the quakes. Pictured here in July 2013.
FORSYTH BARR: The 17-storey office block was badly damaged in the quakes. Pictured here in July 2013.

Potential buyers, including hotel developers, have been sizing-up Christchurch's tallest remaining office building.

Tenders close on Wednesday on the 18-storey Forsyth Barr building, for sale ''as is where is''.

The building is on the corner of Colombo and Armagh streets, opposite Victoria Square.

The consortium of about 25 owners has taken an undisclosed insurance payout for the earthquake-damaged tower.

Marketing agent Hamish Doig, head of real estate firm Colliers, said he expected several tenders, but not a huge number, would arrive on his desk on Wednesday .

''We've had a good level of inquiry. The building has a very solid frame and has already been stripped internally, so a lot of the work has been done.''

Doig said most of the interest had been for hotel development.

He did not wish to speculate on the price because ''I have no idea''.

He believed the tenders would all carry conditions on things such as land designation.

The site is designated for Crown purchase to build the Performing Arts precinct, but the Government has said it may not need the land north of Armagh St.

The current owners, 764 Colombo Ltd, paid $19.5 million for the property in 2002.

It has a 2007 rating valuation of  $29m, of which $9.93m is for the land.

The building dates from 1990 and was originally Robt .Jones House.

The Press