Port Otago's property arm has today confirmed it has purchased the Maclaggan St site, to be repurposed into the ORC's office, for $10.2 million.
"In acquiring the property, we had our shareholders' needs in the back of our minds, alongside local demand for developments for bulk retail and office tenants. We presented the opportunity to the ORC and have its commitment to move to 35 Maclaggan Street once the property has been repurposed.
"It’s great to secure this central site that already includes substantial infrastructure and buildings.
"These will form the base build and be repurposed from bulk retail to office over the next two years.
"We expect the project’s total cost to be considerably less than new-build options considered in the past by the ORC.
"Furthermore, it will accommodate all the ORC team in one location," Mr Winders said.
ORC Chief Executive Sarah Gardner said the building itself presented a significant opportunity to provide the organisation with a fit-for-purpose premises that embraces modern work practices.
"The site also allows for other opportunities that were off the table at Stafford Street but that are important for an environmentally focused organisation, including infrastructure for electric fleet vehicles and greater business continuity in times of disaster," she said.
Mrs Gardner acknowledged the work of Mr Winders and the Port Otago Board in securing the site.
A reader told the Otago Daily Times this morning that the Warehouse's lease of the site finishes on June 30.
Port Otago is 100% owned by the ORC.
The site is currently owned by Auckland-based, NZX-listed Investore Property Limited.
In a statement to the NZX this afternoon, Investore Property Ltd confirmed it had entered into an unconditional agreement to sell the property.
It said the lease with the Warehouse Group expires on July 31.
The sale is expected to settle on August 31.
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Comments
Comes complete with off street parking.
Bets on how long ORC hangs on to this before they realise it has no windows and about a 8m stud height and realise they bought it with their eyes shut. They have been hoarding money for years for a new office building and it eventually burned a hole in their pocket after several massive and expensive failures. How can they justify a 50% rates increase? ODT please call out the ORC for ongoing and consistently wasting ratepayer money.
Good now they can sell the other property's and land they should not have bought with the ratepayers money, the sooner the better.
I can't help wondering just how much the DCC will spend encouraging the ORC to close off the existing car parking and convert the space to other uses.
On the bright side, this should help rejuvenate that pretty quiet (dead) part of the exchange area. Are they going to run buses down Broadway again??
Id rather they concentrate in writing consents and plan change documents that were logical and lawful and that the hazards department would cease being the most conservative / unpleasant council dept in the south island.