The real estate agent behind the sale of a commercial block at the heart of Russell with a quotable value of almost $7 million says offshore buyers could make a play for the site, following a growing trend in the region.
The 5192sq m block features four individual freehold sites in York St and Church St and now contains the Duke of Marlborough Tavern, the Masonic Lodge headquarters, a Thai restaurant, an art gallery and three retail outlets. It also includes customer parking for about 60 vehicles and the garden bar of the tavern.
Selling agent Paul Jeeves of Bayleys Whangarei said the block in the historic precinct could attract foreign investors.
"Over the past two years we have noted Chinese investors buying and developing similar tourism-related properties in Northland - such as the Carrington Club hotel, winery and golf course complex on the Karikari Peninsula, and Paihia Beach Resort," he said.
"Under those dynamics we could well see offshore interests making a play for the offering to escalate what has already been a growing trend in Northland."