Hamilton's YMCA sold for almost $2m

09:21, Feb 11 2013
SOLD: The YMCA site on Pembroke St, Hamilton, will be sold for almost $2 million.

Hamilton's YMCA site will be sold to the organisation for almost $2 million.

Council staff originally estimated the Pembroke St site's three titles would attract $3m - the Waikato Times understands YMCA offered $1.9m.

YMCA Auckland chief executive Peter Fergusson told the Times that he had returned the sale and purchase agreement to council with an offer close to valuations obtained by council and the YMCA.

Council insiders say chief executive Barry Harris has confirmed the price internally, but Mr Fergusson was ''waiting to see the other signature.''

Mr Fergusson said presuming the YMCA offer was accepted, maintenance and upgrades, some overdue, would start happening quickly at the site.

''As an organisation we have a few assets but we'd far rather be putting that into programmes than bricks and mortar,'' he said.

''That gives you security but I'd rather have the money in the bank. It's a sizeable investment, and our investment won't stop there, it's probably suffered a bit over the years.''

The city council is expected to make a formal announcement concerning the sale on Tuesday.