Earthquake assessment on backpackers

An earthquake stability assessment is being conducted on Stafford Gables, a 110-year-old villa operated as a backpackers by the Youth Hostel Association of New Zealand (YHA).

The 22-bedroom property in Stafford St remains on the market as Colliers International agents deal with potential buyers.

It was subject to sale by a deadline treaty, which closed on Friday.

Agent Bill Brown said several potential buyers had shown interest, subject to clarification of the building's earthquake susceptibility.

The YHA had an initial engineers report done, but it did not contain a detailed report on what was required to bring the property up to standard and an estimate of the cost. Mr Brown said.

"YHA will be consulting their engineers on those matters," he said.

The property had a rateable value of $550,000 and was placed on the market a month ago.

It had been owned and operated by the YHA for about 30 years, and was being sold to free up capital and because the association believed Dunedin could be serviced by an associate partner.

 

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