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


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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Tegel: Chicken Prices On The Rise But It’s Still The Favourite Protein For Kiwi Families

A combination of domestic and international factors is forcing New Zealand’s largest poultry supplier Tegel to raise its prices from July. The roughly 10% price rise is a result of ongoing cost pressures on the industry, including increases in labour... More>>

Hospitality NZ: Hospitality Wages Jump 9% To Pass Living Wage
Wages and salaries across the hospitality sector continue to increase despite businesses having to battle through some of the toughest trading periods in living memory... More>>

Climate Leaders Coalition: Launches New Statement Of Ambition, Appoints New CEO Convenor

The Climate Leaders Coalition is tonight officially launching a new Statement of Ambition to accelerate business action on climate change... More>>

MYOB: New Data Shows Increase In SMEs Experiencing Stress And Anxiety

The lingering impacts of the COVID-19 pandemic have led to a surge in the number of local SME owners and operators experiencing stress and anxiety, according to new research from business management platform, MYOB... More>>

Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>
Entrust District: Dividend Will Be Welcomed After Another Tough Year
We’ve all heard of the saying; “if it sounds too good to be true, it probably is” but for Aucklanders within the Entrust District, getting their share of Entrust’s 2022 annual dividend payment really is as good as it sounds... More>>