Gisborne Holdings buys Lowe St block to boost riverside revamp plans

Gisborne Holdings Ltd, the district council's commercial arm, has purchased a building on Lowe St that has a set of shops and flats. Photo / Zita Campbell

The river-end of Lowe St in Gisborne is closer to becoming “more pedestrian and family friendly” after the district council’s commercial arm bought a building that encompasses a set of shops and flats.

Gisborne Holdings Ltd (GHL) has purchased the two-storey building, in which five business are located on the bottom level - Just Thai Authentic Thai Cuisine, No. 8 Butcher, Country Garden Flowers, Forty 10 Cafe and Just Thai Massage – and flats are along the top level.

It was part of GHL’s property investment strategy, chief executive Richard Searle told Local Democracy Reporting.

“This purchase is part of our longer-term strategy in managing risk and spreading our asset base.”

He did not share the purchase price.

“We will not be disclosing the purchase price until it becomes publicly available, as we may breach privacy laws.”

According to OneRoof, which sources sales data from council records, the property at 2 Lowe St sold for $2,125,000 in November 2025.

Sealre said the purchase of the building complemented the City Centre Catalyst Initiatives plan, which identified Lowe St as a connection corridor to the river.

“There are plans afoot to further develop the area to be more pedestrian and family friendly.”

The company was supportive of the council’s endeavours to improve the inner city and “keen to see the city move forward”.

Gisborne Holdings Ltd is a council-controlled organisation. The council is the sole shareholder and appoints its directors.

In the council’s 2024/25 annual report, adopted on October 2, it said the council’s investment strategy with GHL aimed to increase income stream from commercial assets and increase the community’s economic value.

Local Democracy Reporting understands Trust Tairāwhiti is looking at purchasing Gisborne’s Emerald Hotel, located at 13 Gladstone Rd in the block that runs from Lowe St to Reads Quay.

In a statement, the trust’s general manager of economic development, Hayden Green, did not confirm or deny the intention.

The trust was focused on supporting the revitalisation of Gisborne’s city centre, and continued to work alongside the council and Rongowhakaata Iwi Trust on the city centre catalyst initiatives, Green said.

This year, Trust Tairāwhiti would focus on placemaking projects that contributed to “a more vibrant and welcoming city centre”, he said.

“In our role as the economic development agency and regional tourism organisation for Tairāwhiti, we regularly assess opportunities that enable investment, strengthen local businesses and enhance the overall vitality of our place.”

The council website states that Trust Tairawhiti is not a purely commercial organisation and its decisions have a significant public effect.

“The trust’s funds will also ultimately revert to Gisborne District Council at the termination of [the] trust on May 7, 2073.”

LDR is local body journalism co-funded by RNZ and NZ On Air.