CMO
01/07/2015 12:01
ASSET
PRICE SENSITIVE
REL: 1201 HRS The Colonial Motor Company Limited
ASSET: CMO: Property sale and leaseback
The directors of The Colonial Motor Company Limited advise that the company
has entered into an unconditional contract for the sale and leaseback of the
dealership property of Capital City Motors Limited in Wellington.
The contract covers the sale to Balgan Limited (a company owned by
developers, Vicinity Limited) of all the property owned by The Colonial Motor
Company Limited at the corner of Taranaki and Jessie Streets, Wellington and
involves a leaseback of the premises for a period of two years. The
directors of Vicinity Limited view the development of the property as an
excellent opportunity to add to the vibrancy of the Courtenay Quarter.
The leaseback period will enable the new owners to plan the development of
the property and for Capital City Motors to progress its relocation to
alternative dealership facilities in the Wellington Region. In the meantime,
business will continue as normal for Capital City Motors' Ford and Mazda
dealerships on the site.
Settlement of the sale and purchase transaction is scheduled for 31 August
2015.
End CA:00266467 For:CMO Type:ASSET Time:2015-07-01 12:01:14
