The Dunedin City Council is trying again to sell the
Athenaeum building in the Octagon.
The 142-year-old building was yesterday advertised as being
for sale by deadline private treaty by Colliers
International, on behalf of the council, closing on March 6.
The move came after the council was forced to scrap a planned
auction of the building in September last year, just a day
before it was due to go under the hammer.
Council city property manager Robert Clark had deemed it
''surplus'' to council requirements, but the decision to sell
was overruled by council chief executive Paul Orders because
councillors wanted more time to ''fully consider its
Mr Clark said when contacted yesterday the deadline treaty
meant potential buyers would have to make an offer, including
details of their plans for the building, making it a better
fit with the wishes of councillors.
''It gives us the opportunity to look at those options,'' Mr
The Athenaeum and Mechanics Institute building, near the
Regent Theatre was bought by the council from the Athenaeum
Society for $1.13 million in October 2007.
At the time, the council said the land could be a site for an
800-seat theatre or incorporated into a cultural sector
associated with the Regent Theatre.
However, the building was instead put on the market in August
last year, after Mr Clark said it was decided there were no
advantages to retaining it.
The building has three tenants, two cafe-bars and the
Athenaeum Society library.
It generated rental income of $63,500 a year, excluding GST,
had a rateable value of $1.25 million and a land value of