Council Pays $6.49M For Building With Current Market Value Of $4.3M

Hamilton City Council has purchased four central city buildings as part of long-term plans to develop a central city river park. The four buildings are south of the existing park – 242-266 Victoria St – on the Waikato River side of the city’s main street. They comprise five individual property titles held by two vendors representing multiple tenants.

The purchase of the buildings follows through on a decision the Council made as part of its recent 10-Year Plan, through which funding was made available.

The purchase of the properties gives the Council the option for future use of the site – although there are no current or immediate plans or funding to either demolish the buildings or develop the sites on which they sit.

The four buildings on the five properties had an estimated current market value of $4.3M. The Council paid $6.49M for the properties.