Hydro Grand up for sale
One of Timaru’s most recognisable landmarks, the Hydro Grand Hotel, has been placed on the market for sale.
The hotel was purchased in 2003 by a syndicate of Timaru businessmen, who went on to purchase two adjoining properties four years later.
In 2009 the syndicate unveiled its plans to demolish the hotel and surrounding properties to construct a $60million hotel and apartment complex.
However the site and the hotel are now surplus to requirements and have been placed on the market by Bayleys through tender closing December 8.
Bayleys Canterbury salesperson David Tudehope said the syndicate had decided it no longer wanted to pursue activity on the site.
He said: “While this is a sad outcome for the participants who went into this project with enthusiasm, the syndicate has determined that the best course of action is to place the Hydro Grand property on the market for sale.
“This will allow any interested party who wishes to purchase the hotel the option to either refurbish the existing hotel or continue the syndicate’s plans to demolish the hotel and redevelop the site following consent from the Timaru District Council.”
The sale includes a total of 2,530 square metres of commercially zoned land, including the vacant three level Hydro Grand Hotel building, which has a total land area of 2040 square metres over three levels. Adjacent to the hotel are two vacant lots providing dual access from The Bay Hill and Sefton Street East.
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Mr Tudehope said the sale offered a unique opportunity for a developer or owner/occupier to maximise the potential of the high profile commercial land.
“Someone with the skill and dedication may have the ability to restore this well known site to its former glory,” he said.
“The hotel has a Historic Places Trust category two rating and is easily recognisable by its Edwardian Baroque-style façade.
“Alternatively, a developer could pick up where the syndicate left off and continue the plans to develop a high class hotel and apartments on the site.
“There is nothing similar available in the city, and it is likely there could be strong demand from investors and potential owners, particularly given the site’s proximity to the central business district, as well as its hospitality and retail hub.”
Mr Tudehope said the site was located on a premium position at the top of Bay Hill overlooking Caroline Bay.
“The Caroline Bay piazza area has undergone recent development with the creation of a boardwalk linking the length of the newly created sand dunes, with access points to the beach, as well as the creation of the Trevor Griffiths Rose Garden.”
In its heyday the Hydro Grand was the place to stay when visiting Timaru. Constructed in 1912, the hotel formed part of the Edwardian seaside scene.
