Locals buy back buildings
A KEY part of Wanganui’s commercial sector came back into Wanganui ownership when large parts of the city’s Bridge Block were bought by Old Town Properties Ltd this year.
Tuesday, October 25th 2005, 7:56AM
by The Landlord
Old Town Properties bought eight buildings on the south side of the Victoria Ave block on May 31.Some of the properties extend right through to St Hill St. The new company has four directors, Trevor and Alexandra Goodwin and Steven and Susan Ellis.
The buildings were previously owned by Luton Investments Ltd, Mr Goodwin said.
Luton Investments came into being about 15 years ago, when six Taiwanese people invested in the buildings as a means to get permanent residency in New Zealand.
This was standard practice at the time.
Some of the six had since returned to Taiwan, and the company had not proved particularly active in managing their building investment.
This frustrated real estate agent Steven Ellis, who got a group together and bought all the properties on May 31.
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