Hotel still up for sale

Last updated 11:18 08/11/2012
hydro grand
JOHN BISSET/ Fairfax NZ
FOR SALE: The Hydro Grand is still on the market.

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Timaru's derelict Hydro Grand hotel and two adjoining sections are still for sale a year after going on the market.

Christchurch-based real estate agent Jeremy Speight, of Bayleys, yesterday said the hotel remained on the market by negotiation for more than a million dollars.

While there was an initial flurry of interest when it went on the market, there had been little in the past three to four months, he said.

The hotel was purchased in 2003 by a syndicate of Timaru businessmen who had hoped to demolish it to build a new hotel and apartment complex on the site.

Grand Piazza Ltd went on to purchase two adjoining properties four years later.

In August 2009 the company publicly proposed a $60m hotel and apartment complex.

The sale includes a total of 2530 square metres of commercially zoned land with a capital valuation of $1.8m.

Grand Piazza are understood to have paid $5.5m for the high-profile site and its neighbouring properties.

The original hotel was built in 1912 and has had several changes of facade.

It was registered with the Historic Places Trust in 1993.

The New Zealand Companies office shows Strathallan Nominee Company as the sole shareholder of Grand Piazza Ltd with Ross Lund, Ed Sullivan, Sid McAuley and John McGlashan as directors.

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- The Timaru Herald

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