Port Otago's property arm has today confirmed it has purchased the Maclaggan St, 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.
