St Laurence Sells Viaduct Carpark
28 September 2005
St Laurence Sells Viaduct Carpark For $13.06 Million
Investment and finance group St Laurence today announced that it had entered into an unconditional contract to sell the Viaduct Carpark located at 15-17 Sturdee Street, Auckland to Metro Parking for $13.06 million.
St Laurence established a proportionate ownership scheme in August 2002 to purchase the leasehold interest in the property which it subsequently bought in October 2002 for $8.525 million.
St Laurence’s Managing Director Kevin Podmore said, “The price is well in excess of our expectation and the property’s current valuation.”
Metro Parking is owned by interests associated with Adrian Burr and Mark Wyborn. Settlement is scheduled for 30 November 2005.
St Laurence announced last month that it had a conditional contract to sell the property to Metro Parking for $12.0 million. However, prior to gaining investor approval, St Laurence received a higher offer which it was obliged to put before investors. At a meeting on 22 September, investors approved the sale of the property for the best offer over $12.0 million. That process then saw Metro Parking increase its original offer to $13.06 million, which was the best offer received.
After repayment of bank debt and other expenses, investors stand to receive an estimated gross return of over $7,400 per interest, representing an increase in value of nearly $3,250 on their initial interest. Investors have also received an average cash return of 8.05% per annum over that period.
“The strong current demand for property of this nature in the Viaduct vicinity, as witnessed by the offers received, provided the optimum set of circumstances to realise the value of this investment. Investors should be well-pleased with the result achieved,” Mr Podmore said.