Tycoons quit dancing to focus on hotel sector
Millionaire property tycoons the Chow brothers are selling a former dance studio in Wellington. The building, on Vivian St, has been home to the Whitireia Performance Centre since 2011.
John and Michael Chow bought the property, through their company Top of Tory, in 2014 for $1.4 million.
Michael Chow said they were selling the property to help fund their hotel developments around the country.
The brothers, who have made an estimated $75m fortune from brothels, hotels and commercial property deals, have two hotels under construction – one in Wellington and one in Rotorua.
Last month, they also bought a property in Palmerston North with plans to convert this into a hotel as well.
Bayleys Wellington agent Grant Young said it was an opportune time for the Chows to put the Vivian St property on the market, given that it is now largely empty.
‘‘Whitireia has all but left the building and occupies just a small area, which they are leasing through until January 2019,’’ Young said.
‘‘This provides some modest holding income for a new owner to work with as they seek to either occupy the property themselves or lease out to the market.’’
The building was designed by architecture firm Craig Craig Moller and built in 1998.
It was the central hub for all Whitireia performance disciplines until earlier this year when Te Auaha opened on the corner of Cuba and Dixon streets in the former Deka building.
The Vivian St building has warehouse space, offices, a dance studio, and a theatre.
The building would suit an owner-occupier in the education and performance sector; however, there was also room for redevelopment, Young said.
‘‘Although originally designed and built as offices, the building has had numerous incarnations over the years and was once a function centre.
‘‘Resource consent has been secured to allow for redevelopment as residential accommodation and an add-value investor could recognise the potential for student hostel or backpacker accommodation given growing demand for these facilities in the city.’’
As at September 2015, the rateable value of the property was $3.85m.