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Council sells commercial investment property

Media release
Council sells commercial investment property

Posted On: Friday, 5 August 2011

The sale of a Hamilton City Council commercial investment property to Tourism Holdings Limited has been finalised today (Friday, 5 August).

The property at 32 Kaimiro Street, Pukete, has been sold for $7,335,000. Tourism Holdings Limited has tenanted the property since July 2007, following the relocation of its caravan and motorhome manufacturing business Ci Munro from Otorohanga to Hamilton.

32 Kaimiro Street was one of the investment assets of Council’s Municipal Endowment Fund. Net proceeds from its sale will be credited to the Municipal Crown Endowment Reserve and will eventually be reinvested in commercial property, with the income from these investments used to offset rates.

Hamilton Mayor Julie Hardaker said today’s sale reflects Council’s intensified focus on the strategic management of its assets.

“As part of improving Council’s current financial situation and that of the city, we are committed to looking closely at our assets and making strategic decisions about those we keep, those we sell and what we do with the income from those we sell.

“In this particular case, the property had been adapted to meet the specific needs of Ci Munro, therefore its purchase by Tourism Holdings Limited was the ideal outcome for both parties,” said Mayor Hardaker.

“Council is pleased to have supported Ci Munro to establish its base in the city. Attracting and retaining businesses like this in Hamilton is vital for the city’s economic development.”

Note to editors
Other examples of Municipal Endowment Fund investment assets are:
• BNZ Centre, 354 Victoria Street
• National Bank building, 455 Te Rapa Road
• SCA Hygiene warehouse, 49 Foreman Road

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