Plans to enhance club facilities | Canterbury News | Local News in Canterbury

Christchurch's Hoon Hay Club has been sold to a commercial property investment company.

Final settlement of the sale of the two-hectare Tankerville Rd property, with a Christchurch City Council rating value of $5.7 million, was made yesterday.

However, the buyer, Vicarage Holdings Ltd, would not reveal how much was paid for the site or whether it would cover the club's $2 million debt.

Vicarage Holdings director Bevan Pierce, who is also a member of the club, said the company had bought the entire property and would use it for commercial rental property purposes. There will be no development of the site.

Pierce said the company had been working closely with the club executive to provide a positive result for the membership. "Long term, our ownership of the building will enhance the facilities available to the members," he said.

Pierce said the club provided a valuable community service for many people and although it had struggled over the past decade, the changes made would "solidify its future".

"The club has fantastic facilities for all members and we will continue to work with the club executive to ensure members' wishes are reasonably incorporated into our long-term planning," he said.

"We would like nothing better than to see the club return to the glory days of yesteryear but this is now largely up to the continued support of club members."

Pierce said part of the site would be leased back to the Hoon Hay Club and two existing leases ? with Hoon Hay 88 and the Living Waters Christian Centre ? would remain. In addition, a new lease had been agreed with the Christchurch Supported Employment Trust, who would begin their fit-out in the new year, said Pierce.

"As commercial property owners, our desire is to have the property fully leased with all tenants having the appropriate facilities needed to support the success of their own endeavours."

The Tankerville Rd site has been on the market for over a year in a bid to ensure the club's survival and pay off mounting debt.

Earlier this year, the Christchurch Star revealed the club was on the market because of changing drinking patterns and the growing cost involved in maintaining the property.