Newmarket car park sold for $7.25M

The trust says it has contracted to sell the property for $7.25 million which "is substantially above our book value of $6.4 million."

Settlement is scheduled for the middle of June and the proceeds will go towards reducing bank debt.

"We have fully protected our future ability to use the car park to allow free customer parking for Rialto Heart of Broadway customers, and also to satisfy present and possible resource consent requirements," the trust says.

Last month the trust announced a half-year net surplus of $1.911 million for the six months ended December 2001, down 5.5% from the same period the year before.

Following the sale of the Rialto car park the trust will own three Auckland properties - the AA Centre in Albert Street and two retail, office and cinema complexes on Broadway in Newmarket.

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