Media Release, for immediate release, 12 November 2003

MANCHESTER STREET SITE GOES UNDER THE HAMMER

A prime Manchester Street investment opportunity is expected to attract solid interest when it goes up for auction later this month.

239 Ð 241 Manchester Street is home to two well-established restaurants and two three-bedroom apartments. It's currently returning a net rental of $88,200 plus GST per annum.

"This classically appealing building is one that offers great potential. It's situated adjacent to other properties undergoing refurbishment and new developments, such as Cathedral Junction," says Simes commercial agent Blair Young, who is marketing the property.

Blair Young says the vendor has spent more than $100,000 upgrading the property to comply with Christchurch City Council requirements.

"This is a good, solid opportunity for someone wanting an easily managed passive investment," says Blair Young.

The auction of the property is being held at 2.15pm on 27 November at Simes offices at 227 Cambridge Terrace.

ENDS

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