Fancy an 87-year-old landmark?
Palmerston North’s landmark Bryants Building on the Plaza corner of The Square is on the market.
Owners Wallace Development Company spent more than $1 million in 2013 on earthquake strengthening the three-storey building.
Following the refurbishment, it has been almost fully tenanted, in a location across the road from the highest pedestrian count area in the city’s central business district.
The 1929 building, former home to Mcdonald’s, has not been listed by the city council as a heritage building.
But Wallace Development Company property manager Tim Fitzherbert said while the lack of listing meant there was no pressure to preserve it, the company decided it was worth it.
‘‘It’s arguably in the best condition it’s been in for a very long time and now is as good a time as any to get our capital out for other developments. That’s just the nature of our business.’’
The seismic strengthening work included drilling deep foundation wells, with a network of three-storey high K braces, steel posts, beams and a diaphragm over the top.
Most of the interior braces had been left exposed, some painted in the tenants’ colours.
The high seismic rating after the work was expected to be enough to not only allow people to get out of the building safely after a major earthquake, but for the building to survive.
Real estate marketer Phil Nevill said it was an iconic building with a great mix of tenants.
They includ Forsyth Barr, the Co-operative Bank, Public Trust, Vodafone, Flight Centre, Bartercard, Onestaff and Paper Plus
Nevill said its $4.4m rateable value was likely out of touch with its worth, which lay in its net rental of $566,666 a year.
The building will be sold by private treaty, with offers closing on December 9, unless it is sold earlier.