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

 


Kirkcaldie property sale falls through as buyer walks away

Kirkcaldie property sale falls through after buyer walks away

Dec. 4 (BusinessDesk) - The mystery buyer of Kirkcaldie & Stain's Harbour City Centre on Wellington's Lambton Quay has walked away after deciding the building wasn't the right fit as an investment.

The bidder for the $46.5 million property confirmed it wasn't satisfied with the building after deciding the rear development site of the building didn’t fit its business plan, Kirkcaldie said in a statement. The buyer missed last Friday's deadline to confirm it was satisfied after performing due diligence.

Kirkcaldie "understands that the purchaser, whilst happy with the main building, concluded that the associated rear development site did not fit with its business plans," it said. "The company is continuing to review its options with respect to the Harbour City Centre buildings."

The building is seen as the jewel in the unprofitable retailer's crown, with its value easily eclipsing Kirkcaldie’s entire market capitalisation of $31.2 million, a value gap that has attracted investors including corporate raider Ron Brierley and former Brierley Investments chairman Selwyn Cushing’s family.

Kirkcaldie first flagged the sale of the building on Oct. 26, conditional on the purchaser completing and confirming satisfaction with due diligence by 5pm on Nov. 30.

Shares of tightly held Kirkcaldie last traded unchanged at $3.05 and have jumped 17 percent since the conditional sale was announced in October.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news