The Larent Building in George St, Dunedin. Photo supplied.
The 1920s Larent Building in George St, Dunedin, has been
sold to a local private investor and developer for more than $2
The Athenaeum building in the Octagon and United Services
Community Club building in Bay View Rd in South Dunedin are
being separately marketed by Colliers International, and are
at various stages of negotiation, commercial and industrial
sales broker Bill Brown said.
The Larent Building's seven tenants generate a combined net
annual rental income of just over $200,000 per annum, and
include retailers the Rock Shop and Jonathan's Camera
Warehouse, plus upstairs commercial tenancies and an
The building floor space is about 1550sq m on a 862sq m
freehold siteThe buyer had no immediate plans for any change
of use, but at some time in the future might upgrade the
building, Mr Brown said.
While the sale of the United Services Community Club to a
church group had fallen through, it had been put back on the
market at half its capital value of $385,000, and a second
church group now had the building under contract.
Due diligence was still being carried out and he expected an
outcome by early December.
Sale proceeds are expected to go towards paying creditors'
debts of $324,000, after the charitable trust which ran a
club in the building was placed in voluntary liquidation in
July last year.
The Athenaeum building in the Octagon was taken off the
market by the Dunedin City Council in recent weeks in order
to seek councillors' approval to sell, and could possibly be
back on the market by late December, Mr Brown said.