Part of former SOL Square in Christchurch to be auctioned
21 October 2016
179 Tuam Street – part of the former SOL Square in Christchurch - poised to go under the hammer
Part of the beleaguered SOL Square in Christchurch could be returned to its former glory, with news that the 179 Tuam Street property is to be auctioned in a mortgagee sale next month.
As mortgagee, the BNZ has moved to sell the high profile city property, appointing Colliers International in Christchurch to auction it ‘as is where is,’ on November 23.
Managing director Hamish Doig said 179 Tuam Street has long held keen interest for city developers and is expected to attract strong interest from potential buyers. He expects it to fetch more than $4 million at auction.
“It’s always been a sought after site and was the heartbeat of the night scene pre-earthquake. Dave Henderson did a fantastic job of creating a truly vibrant space in what was once a former warehousing district in the city. We’re pleased that after being in limbo for so many years, action is finally being taken that will lead to the rejuvenation of part of it. The rebuild has elevated the area’s status even further, putting it right in the middle of the connection between the Retail and Innovation Precincts.”
Spanning Struthers Lane and Tuam Street, the 2157sq m property originally comprised three buildings but one was partially demolished in July after being ravaged by fire.
In its prime, 179 Tuam Street was a hive of bustling restaurants, bars, nightclubs, residential and office space – a drawcard for locals and international visitors.
Doig said that 179 Tuam Street is in the high noise zone, making it a particularly attractive opportunity as an entertainment precinct.