Tenancy 'victory' at station

The first tenants moved into the Railway Campus apartments yesterday signalling victory for owners facing financial ruin.

Apartment owners lost a combined $4 million in revenue last year as the building sat empty, waiting for maintenance work to begin.

The historic railway station was turned into apartments as part of a complex developed by Jim Speedy in 1999. It retained features of the original station, including its marble columns, terrazzo floors and vaulted ceilings.

Until last November, the block was managed through holding company University Accommodation. Most of the 223 apartments were let to students.

But after finding problems with the building, including leaks, the university ordered it evacuated in 2007.

Owners were told maintenance would be completed by February 2009 but because of delays in consent and planning processes they are still waiting.

Desperate owners were last year selling studio apartments on Trade Me for as little as $8000 after offering them at auction with no reserve.

To read the full NZ Herald story click here

Posted: 9 Jan 2009

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