Tuesday, July 28, 2015

BNZ House - About Bloody Time!

The former BNZ House in Christchurch's Cathedral Square has FINALLY been sold and will be demolished.
The new owner is Nexus Point Ltd, a company owned by Chch property investor Surja Yang and an individual offshore investor registered as a company in the British Virgin Islands.
Yang confirmed the $5m.sale had been finalised and would be settled by the end of this month. He says he will then apply for demolition consent, but has no plans yet for the 3000 sq.m. property: "I like the site – it's a prime site for Christchurch. I'm open for any tenants, or someone who would like to do a hotel or offices. I'll build to suit."
Built in 1961, the building's previous owner was Cristo Ltd, a family group of Christchurch investors. After it was damaged in the EQs and the BNZ bank moved out, Cristo drew up designs to rebuild it in similar style for new tenants. They later decided to sell, spending the insurance proceeds instead on an $84m Auckland office tower.
The Canterbury Earthquake Recovery Authority (Cera) took over the building's demolition and asbestos removal in 2012, and handed it back to Cristo when they considered it safe. The two parties then became embroiled in a dispute over the property. The 13-storey building became an eyesore after sitting partly demolished and derelict for three years.
Other would-be buyers eventually gave up...

Yang's background: He owns a half-share of the Victoria St building featuring King of Snake Restaurant. He is also developing a new 4-storey Durham St office building, and has planned a 9-storey luxury apartment building next door on Armagh St.

No comments: