Former Herald building on-sold
The former Timaru Herald building has sold to a neighbouring business.
The building will become home to Industrial Controls, a rapidly expanding industrial electrical company.
Nelson businessman Keith Whitehead bought the building from Fairfax Media, and had been seeking tenants for the site.
"It came about as we first approached them [Industrial Controls] as potential tenants. We weren't looking to sell it but they presented the option.
"The physical distance of being in Nelson has made it difficult. We can only get down here for one or two days to try to arrange tenants," Whitehead said. "They had been speaking to the same potential tenants as we had. This will at least mean one less major business moving out to Washdyke."
While he would not disclose the purchase price, when he purchased the building it was for more than $2 million and he had broken even on the deal. The building officially changed hands on July 1.
Industrial Controls office manager Erin McNaught said she did not know when the shift into the new premises would take place. The business employs around 90 staff.
"We really haven't made any plans . . . Our business is expanding so we were looking for a bigger place. We have a presence at Clandeboye and throughout Mid and South Canterbury industrial sites. We're excited about buying the building . . ."
Industrial Controls was formed in 1996 by David McIver and David Stickings. It employs software engineers, industrial electricians and engineers.
The Timaru Herald