Built in the 1930s, Adair's is on a high-profile corner site. Photo / Supplied
Built in the 1930s, Adair's is on a high-profile corner site. Photo / Supplied
Gisborne's largest retail and office building, on the high-profile corner of Gladstone and Grey Sts in the CBD, is being sold by receivers, with tenders closing on November 17 at Bayleys Gisborne offices.
Known as "Adair's", the historic Spanish mission-inspired building was opened in August 1930, taking its local namefrom William Adair, one of Gisborne's founding commercial traders who arrived in the town in 1866. The building originally traded as Cash Stores, but was renamed Adair's in 1951. In the mid-1980s, Gisborne's first escalators were installed in the building, then home to department store DIC. Later it became Arthur Barnett until 1994, when Farmers took over.
Colin McNab of Bayleys Gisborne, who is marketing the property with Bayleys sales manager Karen Raureti, says Adair's sale offers opportunities to a forward-thinking new owner.
Bayleys Gisborne is acting on instructions from Tony Maginness and Boris Van Delden of McDonald Vague, appointed receivers for Rego Investments (in receivership and in liquidation).
Moves to sell the building were made this year; however, the receivers decided the property would be better received if the building's warrant of fitness was gained and leases extended. The property is now being marketed throughout New Zealand and internationally.
The building has a current Code of Compliance and has undergone significant earthquake strengthening over the years, most recently in 2006, bringing it to 70-80 per cent of the New Zealand standard.
It comprises a total lettable area of about 3030sq m, of which 989sq m is leased to a mix of retail and office tenancies returning a gross rental of $168,853 plus GST per annum.
"Pumpkin Patch and DTR are the anchor retail tenants on the ground floor. There is considerable potential for a new owner to add value by securing leases on the remaining 2071sq m of vacant space," says Raureti. "This is a solid building in the centre of Gisborne with the city's most famous landmark, the town clock, just 20m away.
