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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news