Multiple offers for St Clair properties worth $4.4m

Negotiations continue for properties in this Esplanade block at St Clair: (1) Esplanade Motels...
Negotiations continue for properties in this Esplanade block at St Clair: (1) Esplanade Motels and Apartments complex, (2) Swell restaurant and (3) three private residences. Photo by Stephen Jaquiery.
Multiple offers are being considered for parts of a block of five adjacent properties in the Esplanade precinct at St Clair, with a combined valuation of $4.4 million.

The properties belong to Dunedin developer Stephen Chittock.

They are the seven-unit Esplanade Motels and Apartments complex, Swell restaurant, and three private residences.

The tender process, being run by Colliers International, opened on June 6, and late that month was extended to July 12, no properties having been sold by the first deadline.

Colliers principal Stephen Cairns yesterday said now that the "phase one" tender process was over, the company was "working on the offers to bring about agreement".

While not ruling out the possibility of a one-off sale of all five properties, Mr Cairns said negotiations were under way with several parties on "multiple fronts".

Most interest was from New Zealand-based investors, he said.

simon.hartley@odt.co.nz

 

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