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- Release Date: 22/02/13 13:34
- Summary: GENERAL: AUG: PURCHASE OF INDUSTRIAL PROPERTY
- Price Sensitive: No
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AUG
22/02/2013 11:34
GENERAL
REL: 1134 HRS Augusta Capital Limited
GENERAL: AUG: PURCHASE OF INDUSTRIAL PROPERTY
PURCHASE OF 12 BRICK STREET, HENDERSON, AUCKLAND
The company advises that is has entered into an unconditional agreement to
purchase the land and buildings at 12 Brick Street, Henderson for $18.2
million, representing a purchase yield of 7.50%. Settlement is scheduled for
3 April 2013.
The property is a 3 year old A Grade industrial building covering
approximately 2.0 hectares of freehold land and 12,000 square metres of state
of the art warehouse and office accommodation. The property will be subject
to a new 20 year lease to D&H Steel Construction Limited from settlement. The
lease provides for annual CPI rent reviews. The tenant will have the right to
vacate after 15 years, giving no less than 18 months notice.
The tenant, D&H Steel Construction Limited has been in business for 40 years
and is one of NZ's largest structural steel fabricators, providing products
for a wide range of commercial and civil projects throughout NZ and the
Pacific Islands.
Augusta intends to syndicate this property through its wholly owned
subsidiary Augusta Funds Management Limited. The proposed syndication will be
fully underwritten by Augusta Capital Limited.
This syndication will take place prior to the planned syndication of the
Carter Holt Harvey Packaging Plant at 33 Hugo Johnston Drive, Penrose, which
is still awaiting the issue of title following a recent sub-division. It is
anticipated that the Carter Holt Harvey property will be brought to the
market for syndication in May/June 2013.
-ENDS-
For further information please contact:
Christopher Francis
General Manager
Augusta Capital Limited
T (09) 300 6161
F (09) 300 6162
E [email protected]
End CA:00233325 For:AUG Type:GENERAL Time:2013-02-22 11:34:56
