Families buy SCF head office

The former South Canterbury Finance head office in Timaru has been sold, with the new owners only willing to lease it to an ‘‘iconic national or international’’ tenant.

The three-year-old Sophia St building, with a capital value of $1.6 million, was bought by the Taylor and Fowler families of Rangiora.

Geoff Taylor, a director of Du Velle Properties, now owns around $20m worth of commercial buildings in Timaru through his family’s and Du Velle’s holdings. Du Velle built and owns the Mitre 10 Mega complex. The company began buying Timaru properties about five years ago when it purchased the former Alliance Textiles Mill, in Bank and Arthur streets. Since then, its wholly owned subsidiary, Arthurs Corner Ltd, has bought all the properties fronting Arthur St between Bank and Theodosia streets.

Last year Du Velle bought the site on the corner of Arthur and Bank streets, which it is developing for the Armstrong Motor Group.

Mr Taylor, who grew up in Timaru, said he was ‘‘tinkled pink’’ the tender for the SCF building was successful as he understood four or five parties were interested in it.

He would not say what they paid for the building.

‘‘It is probably one of the more superior buildings in Timaru. No expense was spared, it is a very well-built building,’’ Mr Taylor said.

‘‘It is a very special building which requires a special tenant. We have a couple in mind,’’ he said. ‘‘We are going to be very particular.’’

The building had been designed as office space, and Mr Taylor expected any new tenant would consider a similar use.

Mr Taylor said his family and the Fowlers had undertaken business deals together for the past 15-20 years, with them jointly owning property in their home area of Rangiora.