PFI sells Hamilton and Auckland properties

By Phil Boeyen, ShareChat Business News Editor

Thursday 12th July 2001

Property For Industry has leased and sold part of a property in Hamilton as it continues a strategy of divesting non-core assets.

The company says the main building on land at Maui Street, formerly occupied by Turners and Growers, has been leased to local food processor Prolife Foods for $300,000 per annum and sold to a family trust of the tenant for $3 million.

The price was at book value. PFI general manager, Peter Alexander, says as at the end of December the entire property was valued at $3.85 million compared to its original cost of $4.18 million.

"The property has been owned by PFI since 1994, the second acquired by the company, and provided a strong income over that time."

Rental starts in October with the sale due to be settled after March next year. PFI says it is now seeking to lease and sell the balance of the property, comprising an industrial building on around 8,000 square metres of land.

PFI has also sold two units in Porana Road, Glenfield for $1.225 million, a $5,000 discount to book value. The property had been leased long-term to a spa pool manufacturer for $132,000 a year.

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