Dorchester Property Trust offering big commercial property in Gisborne

One of Gisborne's largest commercial properties, which is the home of a 4-star hotel and boasts about 2000 square meters of office accommodation and 96 car parks, is up for sale as its owner seeks to scale down.
Dorchester Property Trust has placed its building on the corner of Gladstone Rd and Reads Quay on the marketplace as it reassesses its property holdings.
The trust belongs to the NZX-listed company Turners Group. At one stage, it owned four hotels throughout the nation, however it is gradually offering the
The building, which overlooks the Taruheru River in Gisborne's CBD, is likewise the home of three retail outlets and a vacant two-storey character structure.
The property is being marketed by Alan Haydock, Cameron Melhuish and Colin McNab of Bayleys.
It is being marketed in numerous parcels with potential buyers able to tender for specific parcels, or the property as a whole.
"There is a huge chance for hotel operators and include value financiers to protect the entirety of this prime Gisborne package or to select several of the individual alternatives readily available," Haydock said.
"In addition to the hotel operation there is over $400,000 of yearly income being produced by the office, retail and vehicle parking elements so there is a good spread of risk throughout multiple sectors of the marketplace.".
The property was established in the mid 2000s by a company associated with Russian businessman Serguei Sonkin.
The 48-room hotel was built in and around the previous Quay Point office structure, a few of which was retained.
6 residential houses, which were added on top of the building, were sold separately and a four-level parking structure was likewise developed alongside the hotel with brand-new ground floor retail space.

All the buildings are more than 66 per cent of the new structure requirement (NBS).

The offices, which are expanded over 1910 square meters, lie on the third and 4th levels of the original Quay Tower.
The Gisborne District Council occupies 1554sqm of this space.
The biggest of the 3 retail systems is rented by an Irish bar. Another houses the electorate office of East Coast MP Anne Tolley while the third device is vacant.
The property lay in a popular part of the CBD where the majority of the city's redevelopment activity was happening, McNab said.
That included a mix of stores, coffee shops, restaurants and bars, theatres, the museum and inner harbor marina.
"Not different to Auckland and Wellington, we are seeing much of the new CBD development in Gisborne occurring near the waterside," he stated.
"Gisborne is also now becoming a significantly identified conference alternative to places like Rotorua and Taupo, especially for companies that are trying to find somewhere brand-new to go.".

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