Timaru District Holdings Limited Media Statement
Timaru District Holdings Limited is jumpstarting redevelopment of South Stafford Street with the purchase of five buildings.
The purchase of properties at 101 – 123 Stafford St by the company, at the combined price of $1.7 million, will enable the sites to be combined and on sold to a developer as a single 3,700 square metre site.
Chair of Timaru District Holdings Limited (TDHL), Damon Odey, said that this purchase will help give this area of town the opportunity to thrive again.
“The community has long asked if there is anything we can do to help update this part of South Stafford Street,” Odey said.
“An important part of the work of TDHL is in making investments that will improve the district. With upgrades across the street already planned by the council, this was seen as an opportunity to give this area a real shot in the arm.
“This investment by TDHL will in future allow us to offer a large and contiguous piece of prime town centre land to developers, which we know will be an attractive proposition.”
The purchase follows the announcement of Timaru District Council work to upgrade the Theatre Royal and build a new Heritage Centre on land across the street.
“With millions dollars of investment by the council happening across the street, this was the right time for TDHL to play its part in helping create commercial opportunities in the area,” said Odey.
“It’s great that the strength of THDL enables us to make this investment on something that will have great benefits for our community. I’d like to also acknowledge the cooperation and willingness of the previous property owners in helping bring this plan to fruition.”
Current tenancies will continue in the buildings while development opportunities are explored by TDHL.