Liquidators greenlight sale of clubs’ assets
The property assets and chattels owned by Blenheim Working Men’s Club, trading as Clubs of Marlborough (in liquidation), and the Marlborough RSA, are on the market with a path for a “clean” sale confirmed by the liquidators.
Malcolm Hollis and Richard Nacey of PwC and the Marlborough RSA have given Fraser Press of Bayleys Wellington and Glenn Dick of Bayleys Marlborough clear instructions to seek tenders for the substantial two-storey complex at 42 Alfred St, Blenheim CBD.
Tenders close at 1pm,15 November 15, on an “as is where is basis” including all fixtures, fittings and chattels.
Press says the sale has been foreshadowed in the media since Clubs of Marlborough voluntarily closed its doors late last year and was officially placed in liquidation on March 14. However, it has taken time for liquidators to work through details and logistics, and provide useful information for buyers.
“A seismic rating for the property needed to be established. TM Consultants Ltd have produced an initial seismic assessment showing the building to be at 60% NBS based on an IL3 importance level,” explains Press.
That indicates a building where more than 300 people can congregate in one area. However, under traditional commercial use, the property would be rated IL2. For this purpose, the ISA shows the building to be 75% NBS.
The flagship community facility was purpose-built in 2007, has a total net lettable area of approximately 6539sq m and is owned by the Blenheim Working Men’s Club (4/7ths share) and Marlborough RSA (3/7ths share).
On the ground floor there’s a double-height atrium, entry foyer, office and committee room, rifle range mound and butts, gymnasium with men’s and women’s bathrooms, main hall, storage areas and ancillary amenities.
A mezzanine floor provides additional storage space and plant room, while the first floor has bars, restaurant, children’s room, pool/ billiards rooms, bridge clubroom, kitchen, storerooms, ablutions and amenities with an expansive front terrace overlooking the Taylor River.
Clubs of Marlborough closed its doors due to multimillion-dollar debt and declining revenue. At that time, the RSA also vacated the building.
Press says the stratum in freehold unit-titled property is primarily held in two main units which are to be sold as one parcel with vacant possession.
“The adjacent unit is owned by Marlborough District Council and operated as the Marlborough Events Centre, while the Marlborough Civic Theatre Trust operates the neighbouring ASB Theatre on the other side of the Clubs building. These do not form part of the sale.”
Potential owner-occupiers or investors looking to purchase a property in Blenheim at a fraction of the replacement value need to seriously consider this opportunity, Dick says. “Recreating an asset of this scale and quality would come at significant cost and protracted timeframe in today’s market.
“This opportunity will suit a vast range of users due to its prime location, favourable Central Business zoning and the extensive infrastructure that is within the property.”
A potential change of use to a campus-style office precinct, church or community groups, education facility, commercial accommodation, retail or entertainment precinct are all venues to explore.
“The property was designed to optimise views from the upper level over the river and its associated green reserve areas, and has excellent street frontage and high profile,” says Dick. “There is a large public carpark at the front of the property, a parking building in near vicinity and additional on street parking so is wellpositioned for any number of possible business or community entities to acquire.”
Blenheim Working Men’s Club was one of New Zealand’s oldest friendly societies and had been operating for more than 130 years. At the time of closing, it had about 4000 members and employed 50 staff.