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Family to sell two high profile central Timaru sites as part of estate realisation

Family to sell two high profile central Timaru sites as part of estate realisation

Landmark 1880s house set to change hands

A landmark 1880s house overlooking Caroline Bay that was owned by two well-known Timaru personalities, is set to change hands.

The current owner, Ruth Lambie, passed away in July this year.  She bought the house with her late husband, Jim, in 1994.  Although Ruth lived on the farm in Totara Valley, she loved the character home at 27 The Terrace and enjoyed its serenity and views in the very heart of the city.  

Perched on 1201sqm of land at the northern end of The Terrace with 180deg ocean views, the house was also once home to Russell Hervey, a long-standing former Timaru City Councillor and Mayor. 

Hamish Doig of Colliers International, who is marketing the property in conjunction with investment broker Michael Lough, says the sale is part of an estate realisation by the family.

“We think this is an excellent opportunity with the potential to occupy or develop.  It’s hard to find a central Timaru house with these kinds of views that enjoys a secluded garden.”

Doig says the family is also selling the Sea Breeze Motel at 28 The Bay Hill.  The motel consists of 12 units, a manager’s residence and onsite car parking.  The property will be sold as a going concern.  It also has potential as a development site.

“The opportunity lies in redevelopment of the land to maximise the 20m build height or a buyer could add value to the existing property to fully maximise its potential.  There’s a scarcity of such prime commercial land in central Timaru.” 

Seeking a more temperate climate, Jim and Ruth Lambie moved to South Canterbury from Scotland in the early 1970s and bought a small town-milk dairy farm, later shifting to Totara Valley in 1982.  In partnership with her daughter, Marion, Ruth Lambie owned and operated the Golden Harvest health food shop and cafe in Stafford Street for 29 years.  

“She had a wonderful personality and they were both very well respected for their interest in their customers and the knowledge they imparted around good health.  Ruth loved Timaru and all that it has to offer as a vibrant city,” her son, Tom Lambie, recalls.

With an eye to the future and a firm belief in Timaru Jim and Ruth bought The Terrace house for potential retirement and the Sea Breeze motel units as investments.  

“Ruth loved the beautiful buildings, sunny location, spectacular views and central location that made her part of the central fabric of Timaru.”

The most recent report by Infometrics signals increased house sales and values, a drop in unemployment and increasing tourism spend, all of which have contributed to Timaru's continued economic growth.

Aoraki Development chief executive Nigel Davenport has called it an area to keep a watch for the future.

Tourism spending in the year to June 2019 was $228 million, up 4.1 percent on the previous year.  The June quarter figures reveal an overall growth in the economy of 1.8 per cent, continuing an upward trend.

The properties will be auctioned on site at 27 The Terrace, midday, on December 10.
 

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Hamish Doig

Managing Director

Christchurch (Agency)

Hamish is Managing Director of Colliers International in Christchurch. He is regarded as one of the most influential and well-connected investment brokers in the South Island and one of the most successful in New Zealand.

Hamish is a trusted advisor to his many high-profile clients, proactively building value into their portfolios by identifying investment opportunities. A strategic thinker, he is always solutions focused and sees opportunities where others see challenges. 

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Michael Lough

Investment Sales Broker

Christchurch (Agency)

A tenacious broker, Mike adopts a targeted approach to each and every campaign to unearth a strong group of potential buyers, generating competition for all his properties. This strategic and carefully considered approach has earned him an impressive track record. His meticulous planning results in great outcomes for his clients, who are happy to provide glowing references. Mike also has an enviable network of personal and professional contacts.

Mike negotiated more than $50m of sales in his first 18 months, from as is where is, office, and vacant land. He has established a specialist niche in accommodation assets where he works with a strong group of national buyers seeking investment opportunities in the South Island.

He has a Bachelor of Design (Visual Communication).

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