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

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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