Last week, 11-15 Timaru St sold at auction to Dunedin property investor Jason LaHood for $4.9million.
The South Dunedin site, which has two freehold titles over a total of 3110sqm, has a combined rateable value of $2.55million.
It has a large industrial building, built in the mid 1990s, for warehousing and a large yard space.
The Dunedin City Council’s rates database listed ERJ Trustee Ltd, a Christchurch company, as the current owner.
Mr LaHood said it was not very often that a freehold property of that size came available in Dunedin.
Colliers Otago commercial broker Dean Collins, the property’s selling agent, said the site would be ‘‘one of a handful’’ that sold at that price in Dunedin this year.
There was a lot of interest in the site from both investors and owner-occupiers in the period before the auction.
That was because freehold sites, similar to the one just sold, did not go on the market in Dunedin very often, Mr Collins said.
‘‘It is a bit of a rarity in that regard and that is why we saw so much interest,’’ he said.
The current tenant’s lease, PTS Auto, finishes at the end of the month.
