The former Postie Plus building, AMI building and smaller shops of Victoria Retail Centre are on the market. Photo / Bevan Conley
The former Postie Plus building, AMI building and smaller shops of Victoria Retail Centre are on the market. Photo / Bevan Conley
The man who bought up and transformed Whanganui's central retail hub is selling up the remains of his empire.
"He's targeting selling the whole lot, either together or separately, as per titles," JLL commercial real estate agent John Binning said.
"He's getting rid of the residue and this cleans himup."
In 2013 Whanganui District Council records showed British developer Chris John (CJ) Efstratiou owned more then $22 million in central city commercial property.
Most was in the central retail blocks on the south side of Victoria Ave.
What's for sale now is the former Postie Plus building, the AMI building and the smaller shops of Victoria Retail Centre that fringe the Farmers carpark. Across Maria Pl he's also selling the ANZ and Whitcoulls buildings and their associated carparks.
The buildings are all new, with an average lease term of six years. They have a total of 23 car parks and bring in more than $700,000 a year in rentals.
The ANZ and Whitcoulls buildings and their associated carparks are up for sale. Photo / Bevan Conley
Efstratiou is connected to Whanganui through his marriage to former Whanganui woman Jenny Auret. He spent a lot of time in Whanganui in the early 2000s, often staying at the Rutland Arms Inn.
He has been a polarising figure, with social media comments saying he "cleaned up" the central business district. Yet for others his demolition of the former DIC building caused consternation.
So did his demolitions of buildings in the Maria Pl/St Hill St/Victoria Ave area to make way for the new Farmers building and Victoria Retail Centre.
He was embroiled in a dispute with the archaeologists who worked there, and finally paid for 2010 excavation work, court costs and interest in 2012. He cleared his rates arrears with the council in the same year.
In April 2013 Efstratiou suffered a serious heart attack and was in hospital in Auckland. Little has been heard of him in Whanganui since then.
In 2016 he sold the Farmers building to a syndicate, Binning said, but the rest of the stores in the retail centre failed to sell.
They are now on a separate title.
Expressions of interest in the properties are due with global real estate services firm JLL (Jones Lang Lasalle) before November 28.
