St Laurence sells Master Builders site for $12.5m

Wednesday 30th July 2008

St Laurence Property & Finance agreed to sell a Wellington building for NZ$12.5 million, providing a 6.68% yield on net contract rent, after attracting a bowling ally to the ground-floor space.

Master Builders House was "revitalized" when bowling ally owner Bowland took over the lease in 2006 and launched 'The Lanes,' a licensed bowling venue just of the Courtney Place strip.

The sale reflected St Laurence's strategy of refurbishing and gaining solid tenants for properties before selling them, chairman Kevin Podmore said. The sale price was NZ$300,000 above the property's March valuation, he said.

St Laurence last month withdrew a prospectus and quit lending because of the risk of default. It also is seeking approval from debenture holders for an installment plan for repayments.

St Laurence Property and Finance is part of the group, but is not effected by the changes at the finance company.

By Jonathan Underhill

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