Published 16 April 2010
KordaMentha Ltd senior partner Michael Stiassny & his wife, Mary-Louise, have put a portfolio of Wanganui properties on the market after holding them for about 15 years.
Bayleys Wanganui will take the portfolio to auction in Wanganui on Friday 14 May. Branch manager Ian Barns said the auction would be the biggest of its type held in the city – no previous auction had combined commercial, industrial & residential land & building offerings on this scale.
Realising the crowd-pulling potential for the largescale corporate sell-off, 3 unrelated investors had added properties to the auction.
The Stiassny portfolio is held by Glenogle Trust Ltd. Another partner in the corporate advisory firm, Brendon Gibson, is a director but not a shareholder of the investment company.
Mr Barns said Mr Stiassny was looking at using the proceeds for other investment opportunities.
Among the properties on offer are:
2 commercial premises in Ridgway St, in the heart of Wanganui’s cbd. Both are tenanted – one by a law firm and the other by a curtain shop – and are surrounded by food & beverage establishments and professional services offices5 variously sized bare land lots on the high-profile main arterial routes of Heads Rd & Somme Parade, in the city’s manufacturing & industrial sector of Wanganui; the land sizes range from 551-2060m² and are suitable for multiple uses2 blocks of 5 one-bedroom flats in the seaside suburb of Castlecliff7 sections – ranging in size from 466-2881m² – also in Castlecliffan 8225m² section on 5 titles in Springvale6 bare sections – ranging in size from 440-3120m² – in the Aramoho suburb3 sections near the township of Maxwell, about 20 minutes’ drive north of Wanganui, anda 10,178m² lifestyle block at Mangamahu, 50km inland from Wanganui.
Mr Barns said: “The portfolio was purchased around 1990 and into the mid-1990s, at the time when there was a sizeable sell-off of real estate assets by local bodies & former Government-owned or administered infrastructure agencies throughout New Zealand.
“At that time, the owner & now vendor was like many Wanganui business operators & residents who shared a vision for the longer-term prosperity of the city & surrounding districts. Circumstances have obviously changed during the intervening decades, and the vendor is looking to exit their presence from the region.”
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Attribution: Bayleys release, Companies Office, story written by Bob Dey for the Bob Dey Property Report.