Symphony undercut on offer

By Christine Nikiel

Friday 31st May 2002

Property developer Symphony Group has lost out on prime industrial land near Auckland Airport after being undercut by a better offer.

The group's reported $6 million-plus offer was beaten by another offer, understood to be close to $8 million, by property developers Chris Verissimo and Dick Langridge. Symphony had 72 hours to up its offer on the 49ha for sale but did not.

The land, on Westney Rd, is in the heart of booming industrial developments.

Symphony director Chris Minty said his company had decided against making another offer after Transit told the group plans to build a roundabout on major through-road George Bolt Dr would not go ahead for "many years." The roundabout was integral to the group's development plans there and without it "we couldn't do what we wanted to do," Mr Minty said.

Symphony had planned to subdivide the land into 40-50 lots and target distribution companies eager for land near the airport. It is understood Mr Langridge and Mr Verissimo plan to develop the land for industrial purposes. The area is zoned business 5 under the Manukau district scheme.

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