Apartment tower planned
NZ Red Cross has sold its 1181mÂ² at the top of Wakefield St for $4,168,800, at $3530/mÂ².
The site will be turned over to apartment development.
Red Cross had its 2 adjacent buildings purpose-built in 1971. Regional director Patrick Cummings said the rise in property values meant meant the site had become the organisation’s richest asset and a strategic decision was made to relocate to free up funds for further humanitarian work.
Wayne Muir, of Barfoot & Thompson Commercial, who managed the tender, said the education-zone location & proximity to Queen St led to strong buyer interest. The site has dual road frontages to Wellesley & Airedale Sts, and zoning allows redevelopment to a height of 50m.
Mr Muir said the unnamed local buyer was scoping options, including retaining part of the existing buildings.
Red Cross will move out of the central city. “We want to replace the city site with 2 service centres in Ellerslie & Manukau. Our core business is providing first-aid training courses and it was becoming hard for attendees to find parking around Wellesley St, so easier access & parking will be a priority.
“The sale also frees up funds for NZ Red Cross to increase its humanitarian activities, both within New Zealand & overseas.”