Ponsonby eyesore close to being sold

The halted property development at Soho Square, Ponsonby. File photo

Soho, Ponsonby's abandoned construction eyesore dubbed Sohole, is close to being sold.

Tim Downes, a receiver at Grant Thornton NZ, said a board meeting was being held this morning by a party keen to buy the property.

"It's not technically correct to say it's sold. But as we speak, it subject to negotiations and getting very close in terms of finality and I expect by the end of the day we will know, one way or the other.

"There's an agreement on it which has been signed subject to board approval and there's a board meeting on now," he said just before 10am.

If that deal fell through, Downes was confident other parties would offer to buy it.

"There's been a few other people, potential buyers, it's been a good response. It will be a good outcome for all and I expect the people of Ponsonby will be happy," he said.

Bruce Whillians of Ray White Commercial, the agent in charge of the sales process, said he was also delighted with the outcome and it capped off an excellent year.

"By tomorrow, in our first year, we will have done $145 million, the biggest being the Dilworth industrial portfolio at Penrose for $34 million," he said.