Second attempt to sell Whanganui's Farmers building

Whanganui's Farmers store building and most of its car parks are for sale. Photo / Stuart Munro

Whanganui's purpose-built Farmers building is up for sale, and the buyer will receive more than $1 million a year in rent.

The store building and 52 car parks closest to it are up for binding tender, which must be submitted by 4pm on October 18.

The whole $9.6m Victoria Retail Complex was on the market in 2016, but didn't sell. This time the shops that front Victoria Ave are on a separate title, along with the car parks immediately behind them.

With Farmers as a secure tenant, holding a 25-year lease, it is estimated the building and car parks would be valued at more than $6m. A rent review is due in 2020, when the cost is expected to increase.

The complex is owned by English developer and investor CJ (Chris) Efstratiou. Getting it to happen was a long process, with controversial demolitions, extensive archaeological work and a court case over non-payment to the archaeologists.

Efstratiou is married to former Whanganui woman Jenny Auret, and used to spend a lot of time in Whanganui.

In 2013 he owned 24 properties worth $22.5m, most of them in the central two blocks of Victoria Avenue, and including the former Briscoes and Postie Plus buildings.

He hasn't been about as much since suffering a heart attack in Auckland in April 2013, and is believed to be downsizing due to health issues.

The Farmers building is considered the pick of Efstratiou's property portfolio.