Sharechat Logo

Argosy sells two non-core sites for $9.3 mln

Tuesday 6th September 2016

Text too small?

Argosy Property has announced the sale of two sites for a combined total of $9.3 million. 

A retail site at 28-30 Catherine Street in the Henderson area of Auckland has been sold for $6 million, 7.1 percent above its book value of $5.6 million. In a statement, Argosy said, "the location of this retail property will become increasingly challenging." The transaction will complete on 30 June next year. 

An industrial property in Palmerston North, 44 Neil Lane, has also been sold for $3.3 million, 5 percent more than the book value of $3.14 million. That's expected to settle in November. Argosy said the sale completes its exit from properties it deems non-core in the city. 

In May, the company announced its annual earnings had risen by 5 percent due to shifts in its portfolio that enabled it to boost rental income. 

Shares in Argosy were unchanged at $1.16 and have risen 1.75 percent since the start of the year.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Meridian Energy monthly operating report for June 2025
July 16th Morning Report
AIA - June 2025 Monthly traffic update
CHI - Q2 2025 Operational Update
July 15th Morning Report
BPG - Blackpearl Acquires US AI Platform to Accelerate Growth
TGG - Response to media speculation
ARB - Annual Meeting Date and Director Nominations
CNU - Q4 FY25 Connections Update
MOVE FY25 Results and Investor Briefing 29 August 2025