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NZ Community Growth Trust Albany Property Sold

News release 17 December 2008

New Zealand Community Growth Trust Albany Property Sold

Public Trust, as trustee for the New Zealand Community Growth Trust (NZCGT), today announced the sale of a 7.6 hectare property and communal living buildings at Mills Lane, Albany just north of Auckland. The NZCGT is the successor to the Centrepoint Community Trust which was established in 1977. In 2000 Public Trust was appointed sole trustee by the High Court. The Mills Lane property has been sold to Wellpark College of Natural Therapies. The sale was handled by Bayleys Realty Group.

Public Trust spokesman Simon Dixie said the decision to sell the Albany property was made following a strategic review of the New Zealand Community Growth Trust’s assets and was in the best interests of all trust beneficiaries. “Realising the value of this asset will allow us to take a broader long-term approach to help meet all the objects of the Trust. The tender result has been very successful for the Trust and the proceeds of the sale will be invested to support meeting the various needs of beneficiaries.

“The property has been sold at a price above independent valuation, and Wellpark has recognised the significance of the Mills Lane property. They will use the property as a natural health training institute and have undertaken to preserve this beautiful natural area in what is becoming a high density part of Albany.

“The property contains several areas of special significance to former Centrepoint residents. Wellpark has undertaken not to develop these areas and has also agreed that access rights to these areas will be dealt with sensitively in the future.

“Overall this is a very positive outcome for NZCGT that will support higher distributions to NZCGT beneficiaries in the future.” Mr Dixie said.

ENDS

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