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Rare Heritage Building In Oamaru Development Opportunity For Sale

Oamaru, Otago
Freehold Price:
$1,600,000 (NZD)
Lease Asking Price:
$1,600,000 (NZD)
Sales Revenue:
Under $100K (NZD)
Cash Flow:
Under $50K (NZD)

Occupying a prominent position in the busy Victorian precinct adjacent to the sheltered Oamaru Harbour this is one of the only significant quality heritage buildings in the area that is still in private ownership. The current owners of 24yrs are now seeking to retire and have reluctantly decided to offer their pride and joy for sale.

Known as ‘The Woolstore Complex’ this was built in 1881 by two prominent Oamaru Grain & Seed Merchants. Constructed of locally quarried limestone in the elaborate Neo Classical style the building was designed by the busiest local architects of the time Forrester & Lemon. In 1889 the National Mortgage & Agency Co bought the building, then when National Mortgage merged with Wright Stephensons the firm became known as Wrightsons NMA Ltd. The name changed again to Wrightsons Grain & Seeds when the building was converted to take bulk grain. It remained as such until 1987 when W.D. Forsyth Ltd – Woolbuyers bought the building, once again to be used for the storage of wool. Now, after extensive restoration it is used by the current owners as a complex with a cafe, gift shop, portrait studio and motoring museum on the ground floor and galleries on the expansive upper floor.

With a floor area of approx. 2,370m2 and multiple entrances there is ample scope for tasteful redevelopment. It is easy to imagine this as upmarket ‘inner-city-living’ or perhaps quality hotel accommodation combined with top notch retail (all subject to local body approval). What is needed is a buyer who has the vision and means to transform this building into something truly special.

PLEASE NOTE: Building only for sale. The existing businesses and leasehold land are excluded.

Oamaru is the largest town of the Waitaki District. With one of the country’s oldest public gardens, renowned Victorian architecture, two penguin colonies, a rich heritage, first-class dining establishments, a craft brewery in front of the harbour, numerous golf courses, walking and cycling trails and a whole lot more...there are endless opportunities to experience the best of Oamaru.

Property information

Real Estate:

Available as lease or with real property included

Location:

Occupying a prominent position in the busy Victorian precinct adjacent to the sheltered Oamaru Harbour. Oamaru is the largest town of the Waitaki District - Otago (New Zealand). With one of the country’s oldest public gardens, renowned Victorian architecture, two penguin colonies, a rich heritage, first-class dining establishments, a craft brewery in front of the harbour, numerous golf courses, walking and cycling trails and a whole lot more...

Premises Details:

With a floor area of approx. 2,370m2 (source: QV.co.nz) and multiple entrances there is ample scope for tasteful redevelopment. It is easy to imagine this as upmarket ‘inner-city-living’ or perhaps quality hotel accommodation combined with top notch retail (all subject to local body approval). What is needed is a buyer who has the vision and means to transform this building into something truly special.

Planning Consent:

Local Body approval/consent required for further development

Business Operation

Expansion Potential:

With a floor area of approx. 2,370m2 (source: QV.co.nz) and multiple entrances there is ample scope for tasteful redevelopment. It is easy to imagine this as upmarket ‘inner-city-living’ or perhaps quality hotel accommodation combined with top notch retail (all subject to local body approval). What is needed is a buyer who has the vision and means to transform this building into something truly special.

Reasons for selling:

The current owners of 24yrs are now seeking to retire and have reluctantly decided to offer their pride and joy for sale.

Other Information

Website:
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Lease asking price:
$1,600,000 (NZD)

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