Trust buys historic building
The historic Napier Quest Hotel building has been sold to a local family trust.
The hotel on Dickens Street which includes 47 serviced apartments on separate unit titles had a combined rateable value of $5.7 million in 2014.
Colliers International broker Ian McLachlan said the trust bought the property from an Australian investor for a confidential seven figure sum.
The Spanish Mission style building, close to the main retail precinct and Marine Parade, was designed by architect David Frame during Napier’s art deco era .
It was built in 1919 for the Ancient Order of the Forresters, a Friendly society that provided financial assistance to families if a male breadwinner became sick, had an accident, or died. Their motto was ‘‘We help widows and orphans’’.
Photos taken the day after the 1931 earthquake show the facade was undamaged in the shake.
McLachlan said the property attracted multiple offers.
The building was extensively renovated in 2008 and opened as serviced apartments under the Quest brand in 2009.
The building won two awards in 2009 for its renovation and architecture in the New Zealand International Architects Awards and the Annual Art Deco Awards.
Quest has a 10-year lease at a rental of $556,362 a year.
The Quest serviced apartments have been sold to a local family trust.