What is understood to be one of the last assets of former NBR rich-lister Shane Armstrong, the waterfront building housing Tauranga's iconic Harbourside Restaurant, is on the market for mortgagee sale by private treaty, closing early next month.
The property at 150 The Strand, pictured above, is a Tauranga landmark built more than 70 years ago and was originally the yacht club premises. It was substantially renovated in 1990 into its present form as a ground floor restaurant and first floor offices.
The property title is complex, including both freehold title to the land as well as an adjoining long-term rent free sea bed permit for the part of the building constructed over the water.
"This is a rare opportunity to purchase a well-known property in a unique CBD location, with a long-established tenant in place on excellent lease terms," said Simon Clark, chief executive of Colliers' Tauranga office, which is handling the sale.
Graham McGarry of Rhodes and Co, lawyers in Christchurch, who is representing the mortgagee, Property Finance Funding Nominees Ltd, confirmed that the defaulted mortgage had been taken out by Mr Armstrong.