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Two large commercial buildings on a 2361sq m freehold site on the main street of Greymouth are being offered for sale by expressions of interest through Graeme Redmond and Kevin O'Donnell of Harcourts Grenadier Real Estate in Christchurch and Greymouth.
"The majority of the central business district is Maori leasehold property so this freehold site with two large buildings on it represents a special sale opportunity for Greymouth," Redmond says. One of the buildings at 37-45 Tainui St, Greymouth, is Revingtons Hotel, which is an iconic West Coast landmark that has traded under numerous identities since around 1937.
The two-storey brick hotel with an iron roof includes a public bar, sports bar, reception area, two small casino rooms, dining room, kitchen, staff room, manager's flat, 12 serviced and four unserviced bedrooms and two bunk rooms.
The hotel is fitted with a sprinkler system and underwent major alterations internally in the late 1980s and again in 2001.
"Today it can be classed as a tidy and functional hotel," Redmond says.
"Its locality is a significant feature given its centrality in downtown Greymouth and a good profile to State Highway 6. We are not aware of any historic significance to the site."
The second building is a much older brick and concrete structure, known as Waitaiki House, which has had a commanding presence in Tainui St since 1906. It contains four mixed retail shops on the ground level hosting food, real estate and hair salon businesses. On Level One, 14 serviced hotel rooms are leased to and linked through to the Revingtons Hotel complex.
"Externally it still portrays some of the original character and charm and internally the shops have been upgraded and modernised," O'Donnell says.
Annual income from the various tenancies within the two buildings is $133,955.
"While well presented and reasonably sound, any major upgrade of the building would need to comply with modern building regulations and this would need to be considered against a more permanent total redevelopment of the property.
"The buildings, with a 58m frontage to Tainui St, have prominence and location although their condition is deteriorating and may no longer comply with local earthquake coding."
