More than $30 million paid for Auckland’s St James
Li Jun Li's son is a pianist, Mr Gibbon says, and the family is committed to restoring the theatre.
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Hawke’s Bay
A Chinese family has bought the St James Theatre for more than $30 million.
The Li family, which immigrated here more than 25 years ago, bought the crumbling theatre complex last week from developer Paul Doole.
The new owners did not appear at a presentation today but instead Elemental Construction Services director Mike Gibbon presented plans for the site. He says more than $30 million was paid for the complex, which is more than twice the ratings value of $14 million.
Mr Gibbon says resource consent has been obtained for a 39-story residential tower holding 300 apartments, a well as a 3000sq m retail precinct and 195 car spaces. The complex is expected to cost more than $175 million to build.
While construction on the residential tower is targeted for the later half of 2015, an evaluation on the theatre itself is not to be completed until mid next year. The developers are partnering with Auckland Notable Properties Trust on the restoration of the category one heritage building.
A member of the Li family is a pianist, Mr Gibbon says, and the family is committed to restoring the theatre.
The Li family had done some residential development in New Zealand but nothing of this size and scale, Mr Gibbon says, although members in the Li’s extended family in Shanghai are developers.
It is unclear if Auckland Council will contribute to the theatre’s restoration although mayor Len Brown has said it will be a “stakeholder” in the process.
Heritage NZ (formerly Historic Places Trust) has released a statement saying it is delighted to hear of the development.
The St James has been closed for some years after a fire in the neighbouring theatres. Mr Doole had hoped to replace the complex with an apartment tower.
Victoria Young
Tue, 21 Oct 2014
Tue, 21 Oct 2014
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