KEY POINTS:
The building might be for sale - but the historic club within says it's staying put.
Mike Wills, president of the 154-year-old Auckland Club, said his organisation owned five freehold floors of the Dorchester Tower on Shortland St and had no intention of selling.
Dorchester Property Trust, an associate of listed finance company Dorchester Pacific, is to sell its share of the block.
But Wills said it was important buyers knew that Dorchester did not own the entire tower.
"The club owns five freehold floors in the building and if the suggested valuation [of the Dorchester trust's property] is correct, is pleased to note that this is considerably in excess of the book value of the premises in the club accounts."
John Gordon, the club's general manager, said part of level three had five guest accommodation rooms. Dorchester owned a portion of level three where it had 18 carparks, so part of this floor was included in the sale.
The club's foyer and function areas were on level four, administration offices were on level five, a large dining area on level six and billiard room on seven.
One party associated with the club said that if the 10 floors Dorchester owned were worth $29.5 million, the club's floors could be worth $15 million, giving the club's members a big windfall.
Members pay about $1000 in annual fees, so gaining such a large investment for such a small outlay had to make it the deal of the century, he said.
Wills did not rule the club looking at offers, but said at a recent annual meeting, the club's members were strongly of the view that they wanted their club to continue "far into the future", he said. Matt Tooman of CB Richard Ellis is marketing the tower and said the information memorandum made ownership details clear.
On the block
* Part of the Dorchester Tower is for sale.
* The Auckland Club owns five mid-level floors in the building.
* Dorchester Pacific associate owns the rest.
* Tender offers have to be in by next Thursday.
