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

 


Kirk's finds buyers for Harbour City Centre

Kirk's finds buyers for Harbour City Centre

By Paul McBeth

May. 27 (BusinessDesk) - Kirkcaldie & Stain's, Wellington's upmarket department store, has found buyers for the two buildings making up the Harbour City Centre, provided certain conditions are met for each property.

Kirk's entered into separate conditional sale and purchase agreements for the front and rear buildings of the Lambton Quay site, it said in a statement just before the market closed. More details will be announced once due diligence for each transaction is completed, and both deals need shareholder approval.

The front building, a historically significant structure that formerly housed Kirk's long-defunct competitor DIC, accounted for most of the $50 million valuation ascribed to the property. Its sale is subject to physical works being completed to separate it from the back building, which houses a car park, shops and low-grade office space.

Work to separate the buildings is expected to be satisfied in the second half of June. Due diligence and title conditions are likely to be met in early July, with shareholder approval within 30 working days of that, the company said.

Due diligence on the rear building is expected to be satisfied five months after the title and physical works conditions, to allow the buyer to explore potential development of the site.

Kirkcaldie plans to recapitalise its retail unit from the proceeds of the asset sales before returning any surplus to shareholders.

Its retail segment returned to profit in the six months ended Feb. 28, with earnings of $563,000 as it fattened margins from its cost reduction programme.

The shares were unchanged at $2.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news