An office tenancy in the former Canvas City & Wong Doo building at the corner of Hobson & Cook Sts, leased in March, was sold at an auction brought forward at Bayleys yesterday.
The small 2-storey building faced demolition in 2005, when South Korean developer Dae Ju Developments Co Ltd sought council permission to knock it down and extend the Fiore apartment building, already approved, across 2 sites.
Heritage campaigner Allan Matson fought demolition and Auckland City councillors Christine Caughey & Faye Storer led the process to look again at Dae Ju’s application.
Eventually, Fiore was built in 2 stages, with the corner shop refurbished. It was constructed in 1885 with shop space at ground level, living areas behind & bedrooms above. It was sold yesterday by Dae Ju successor KNC Global Management Co Ltd.
166 Hobson St, corner Cook St:
Features: 199m² floor area on 2 levels in refurbished category B historic building, occupied by Global Visas Ltd on new 6-year lease
Rent: $110,000/year net + gst + outgoings, body corp levy $5889/year
Outcome: sold for $1.92 million at a 5.73% yield at auction brought forward
Agents: Sarah Boles & Terry Kim
12 March 2017: Fiore corner office space leased
8 September 2013: First use of council heritage fund is for Wong Doo building & Airedale cottages
23 December 2011: Council agrees to compromise allowing development above Wong Doo building
5 April 2011: Council slams demolition bans on Canvas City & Ranchhod buildings
17 May 2009: Dae Ju gets new consent to knock down Canvas City building
17 April 2009: Dae Ju revives Canvas City demolition plan as it puts Elliot Tower on hold & redesigns Star site building
13 December 2006: Dae Ju can knock down Canvas City lean-tos, and escapes hefty bond
21 April 2006: Heritage campaigner battles on to save Canvas City from demolition for new development
5 April 2005: Councillors hold up Hobson St demolition with theme of “heritage capital”