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- Release Date: 01/06/12 11:58
- Summary: ASSET: ARG: Argosy Announces Sale of Under-yielding Property
- Price Sensitive: No
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ARG
01/06/2012 09:58
ASSET
REL: 0958 HRS Argosy Property Limited
ASSET: ARG: Argosy Announces Sale of Under-yielding Property
Argosy Property Limited (Argosy) is pleased to confirm the sale of 221
Wakefield St, Wellington. The property is currently tenanted on monthly
arrangements however has been marginally cashflow negative since the
termination of a ground lease last year. The longer term development plans
for the site as an investment are not currently feasible for Argosy, after
allowing for an acceptable development risk margin.
The property has been sold to an owner-occupier who intends to develop the
site for their own purposes.
The sale price represents 100% of the $4.5m current book value, and settles
on July 31st 2012.
The sale was negotiated through the Wellington office of Jones Lang LaSalle.
- ENDS -
Press enquiries
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: [email protected]
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: [email protected]
Argosy Property Limited
Argosy Property Limited is the most diversified property fund listed on the
New Zealand Stock Exchange. It has a $905 million portfolio of 65 properties,
with 232 tenants across the retail, commercial and industrial sectors. Argosy
Property Limited has a low risk focus on quality properties where value can
be added and properties modernised to extend their effective utilisation.
End CA:00223519 For:ARG Type:ASSET Time:2012-06-01 09:58:54
