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St Laurence buys Central Park

Media release

Friday 8th July 2005

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St Laurence Property & Finance Limited has purchased the substantial industrial property complex located at Heriot Drive, Porirua, known as Central Park.

The property comprises an existing building covering just over 50,000 sqm and approximately 4 hectares of surplus land for future development. The property was previously part of the Mitsubishi car manufacturing plant owned by Todd Motors and is in a prominent high profile location. Neighbouring properties include the North City Shopping Centre and the new Bunnings Warehouse store.

The property has been purchased for $14.20 million (plus GST), representing a significant discount to valuation.

The existing building is 54% leased (excluding casual tenancies), with gross annual rental income of $1.27 million and a weighted average lease term of 4 years. Key tenants include Mitsubishi Motors, Harvey Norman and Big Save Furniture.

St Laurence Property & Finance Limited chief executive John Mallon said the purchase was in line with the company's investment strategy and provided an attractive add-value investment opportunity. "The purchase of this substantial property will allow the company to take advantage of the increasing demand for quality industrial accommodation in the Wellington region. There is space available in the existing building for immediate leasing, with negotiations well advanced with a significant new tenant for part of the space."

"The available surplus land included with the property will also enable further development opportunities for the company, with a number of proposals under consideration." Mallon said.

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