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Allied Confirms Five Mile Sale
Allied Confirms Five Mile Sale
Allied
Farmers has confirmed the unconditional sale of the 23.3
hectare Five Mile property adjacent to the Queenstown
Airport.
Allied Farmers, Managing Director Rob Alloway said “Given the current state of the property market, especially in large scale developments like this, we are very pleased to achieve a price that is nearing the upper end of the valuation scale”.
“We’ve always said that, given time, we could realise value from the former Hanover assets for our shareholders and indeed this has proved to be the case with Five Mile” said Mr Alloway.
Mr Alloway said the buyer did not wish to be identified at this point but the company was familiar with the Queenstown District and had previously done development in the region.
“They came late to this negotiation with a pretty compelling offer and we are very pleased to be able to have concluded such a significant deal. When both the buyer and seller are happy then the deal is usually about right” said Mr Alloway.
Settlement is scheduled for mid November.
ENDS
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