Queenstown-based tourism giant Skyline Enterprises has added to its CBD property portfolio.
It’s bought a building in The Mall, leased to Paddy Gaddy restaurant, beside its long-owned Skyline Arcade.
Owned by a family trust for the previous 48 years, the property was marketed for sale by local Colliers agents Alastair Wood and James Valentine.
Skyline’s not commenting on the sale due to a confidentiality agreement, however it’s understood the purchase price was $8,410,000 — very close to the rateable value of $8.5 million.
In 2004, Skyline became a major property player when it bought eight CBD properties for about $60m from Asian owners who’d aggregated them.
Those were the Eichardt’s building and a neighbouring vacant site, Town Pier building, Wakatipu Arcade and Dairy Corner, the then-Thomas’s Hotel (now Absoloot Hostel), Chester Building and O’Connells, which it’s just redeveloped.