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

 


CORRECT: Argosy sells Auckland property for $10.4 million

CORRECT: Argosy sells Auckland property for $10.4 million

(Fixes location in 1st graph)

By Suze Metherell

May 8 (BusinessDesk) – Argosy Property, the fourth-largest listed property investor on the NZX by market value, has sold its underperforming Mount Wellington property in Auckland for $10.4 million.

The sale was a 2.7 percent premium to its March book value and is part of Argosy’s plan to ditch underperforming assets, the company said in a statement. The Pacific Rise commercial property had an occupancy rate of about 75 percent according to Argosy’s website, and has been bought by an owner-occupier.

“Returns from the property had suffered from long term vacancy issues and a short weighted average lease term,” Argosy said.

Last December the company got rid of its underperforming Ellerslie holdings for $10.4 million, at 92 percent of its book value.

Shares in the company rose 0.5 percent to 95 cents. The stock has declined 8.5 percent over the past year underperforming the NZX 50 Index’s 12 percent rise, while the property index, made up of 10 NZX-listed property stocks, has declined 1.1 percent in the past 12 months. The stock is rated an average of ‘hold’ based on five analysts surveyed by Reuters and has a median price target of $1.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news