Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Lunn Avenue Quarry Site Sale

Auckland, 16 July 2001 - The sale of the 110 hectare Lunn Avenue quarry site in Mt Wellington, Auckland was announced today by the joint owners, Fletcher Building Limited and Brierley Investments Limited. This unconditional sale, which has been entered into today, is scheduled for settlement towards the end of this year for $38 million.

The Lunn Ave quarry site, which is one of the largest blocks of undeveloped land in greater Auckland, has been sold to Landco Mt Wellington Limited.

The Lunn Ave quarry site has been owned on a 50/50 basis since the late 1980's by Fletcher Building through its subsidiary Winstone Limited and BIL through its subsidiary, Patras Investments Limited.

Fletcher Building has over a number of years quarried the majority of the site but has been progressively developing alternative sources of aggregates supply over the past 5 years in anticipation of the quarry's closure.

In a joint statement today, Fletcher Building Chief Executive Ralph Waters and BIL Chief Executive Mr Greg Terry said the respective sale proceeds were in excess of the current carrying value of the asset.

The sale followed a decision by both companies not to proceed with development proposals for the site.

End


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Super Fund/Canada Bid v NZTA: Tow Preferred Bidders For Auckland Light Rail

The two preferred delivery partners for Auckland light rail have been chosen and a final decision on who will build this transformational infrastructure will be made early next year, Minister of Transport Phil Twyford announced. More>>

ALSO:

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>

Bus-iness: Transdev To Acquire More Auckland And Wellington Operations

Transdev Australasia today announced that it has agreed terms to acquire two bus operations in Auckland and Wellington, reaching agreement with Souter Investments to purchase Howick and Eastern Buses and Mana Coach Services. More>>

ALSO: