Waimate Property Holdings, part of Waimate rich-lister Gary Rooney’s Rooney Group, said earlier this year up to six ageing properties could be redeveloped as part of a plan to revitalise the town’s central business district.
This month it has bought a High St 1906 former shopping arcade, the Interfreight Building, known locally as Quinn’s Arcade.
Pro-Ject Waimate committee member Michael Bajko confirmed the sale, but declined to disclose the terms of the deal, except to say it included a caveat that Waimate Property Holdings must restore the Historic Place Category 2 building.
Since buying Quinn’s Arcade in 2007, Pro-Ject Waimate had chipped away at restoring the building but after an unsuccessful approach to the Waimate District Council last year to repurpose the building for a community use, Waimate Property Holdings approached the group.
‘‘We would have preferred that it was for community use — that’s what we wanted to use it for,’’ Mr Bajko said.
‘‘And it could still well be that. The new owners are not quite sure what they want to do with it at the moment.
‘‘They’ve got the money to do it up, and that’s what our aim always was — to have the building done up.’’
Waimate Property Holdings project manager Les Buckingham could not immediately be reached for comment.
But Mr Bajko said the building ‘‘needs the lot’’.
While the basics of the building remained very sound, and it was ‘‘well on the way’’ to being earthquake compliant, a lot of superficial work was required.
Waimate Property Holdings this year demolished a vacant 99-year-old building at 84 Queen St, and re-created its Edwardian feel to build a medical centre, ambulance bay and pharmacy, worth about $1.9million.
Nearby, it planned for a redevelopment of the Waimate Hotel, including removing the building next door — at 45 and 49 Queen St — in order to create a courtyard as an outdoor dining area.
The company has also received approval from the council to remove a further three Category C historic buildings in Queen St.
