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

 

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news