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 name from 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.
