"This successful outcome is particularly impressive for a character building of this age and shows the extent to which the property has been recently strengthened," says McNab.
"In the wake of the Christchurch earthquake, there have been subsequent investigations into the structural integrity of commercial properties, not only in Christchurch but all around New Zealand.
"Investors are increasingly looking for properties that meet specific strengthening criteria that protect the inherent value of their property assets, ensure the safety of existing tenants, and that will continue to attract potential tenants further down the line."
An overnight fire in June 2009 threatened to destroy the T. Adair building, which had also suffered some earlier damage in Gisborne's December 2007 earthquake.
"The subsequent rebuild of the T. Adair building took around 18 months," McNab says. "During this time, the main ground-floor tenants, Dick Smith Electronics and Food For Thought Cafe, which is owned and run by the current property owners, moved to temporary premises.
"Today, the property is again home to those two successful businesses on the ground floor. They were both committed to returning to the site and we understand both benefit from the sought-after location and the associated profile that this property offers them."
Dick Smith has an initial eight-year lease from September 2010, with two further terms of four years. Food For Thought Cafe will have a three-year lease in place for the new owners of the property.
Part of the first floor of the building has been converted into a quality, spacious two-bedroom residential apartment which is currently occupied by the owners of the building, but which will be vacated at a date agreed to with a new owner.
"There is another large space on that level which could be developed into another apartment, an extension to the existing apartment to incorporate more bedrooms or perhaps office space to be rented out," McNab says.
Access to the first floor is via stairs or a domestic-type lift. Market indications suggest that the existing apartment could be easily rented for around $250 to $300 a week.
The second floor is undeveloped and remains vacant, offering potential for an astute investor-buyer. There is off-street parking to the rear of the property off Bright St.
The current net rental income on the property, which has a total floor area of 1450sq m, is $130,000 per annum, with another $13,000 expected through the leasing of the apartment.
McNab says this part of the CBD has historically hosted solid tenancies from high-profile businesses - especially on the southern and sunny side of the street where this property is located. Neighbouring businesses include Farmers, Paper Plus, EB Games, Specsavers, Hallensteins and Kiwibank/Post Shop.
"Any vacant property along this stretch quickly gets taken up with word-of-mouth 'advertising', usually pre-empting the need for any dedicated marketing of space, which is a plus for any landlord," McNab says.
The T. Adair building carries the decades-long recollections of many Gisborne residents. Originally there were several retail shops on the ground floor, with a movie theatre behind. Previous retail occupants included Winnings Shoe Repair store, the Savoy Milkbar and the Pure Sound Music Store.
From 1952, the larger downstairs shop was occupied by well-known fabric retailer Arthur Toye Ltd, and this was later expanded to accommodate a billiards saloon behind it. The upstairs premises have played host to the Ritz Dance Hall, the Waiherere Maori Cultural Club and Jeune's canvas business.
