The family company of a Queenstown business heavyweight has bought a vacant Stanley Street/Memorial St corner site in the CBD for about $1 million.
John Davies’ Trojan Holdings will put a depot for his Avis Rent A Car franchise on the 425sq m site.
Davies (pictured) says any development plans are “way, way in the future”.
Vendors Bas Smith and Mark Dickson, who bought the land for $2m-plus, drew up plans for a five-level development.
In early 2008, wannabe property developer David Broadway paid them $1.2m as a 10 per cent deposit but failed to complete the deal.
The existing Avis depot is in rented premises in nearby Shotover Street.