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

 


Kirk’s puts inner city Wellington landmark up for sale

Kirk’s puts inner city Wellington landmark up for sale

Feb. 10 (BusinessDesk) - Kirkcaldie & Stains, Wellington’s up-market department store, plans to sell its Harbour City Centre building in the capital city’s Lambton Quay, after several aborted attempts to split its retail and property businesses.

The Wellington-based firm has hired Bayleys to run an international marketing campaign to sell the building by tender, it said in a statement. Any successful purchase will need shareholder approval.

The building was valued at $50 million as at Aug. 31, more than twice the company’s market value of $20.5 million, or $2 a share. The stock rose 1.5 percent today. It was extensively renovated last year to meet earthquake strengthening requirements and is almost fully tenanted by the head office of NZX-listed heavyweight Contact Energy.

Kirkcaldie’s board abandoned plans to separate its retail and property businesses after hiring advisers to investigate the idea in 2012. The review was prompted by a mystery buyer keen on buying the building who subsequently walked away.

The company will hold its annual meeting in Wellington next week on Feb. 19.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news