Force banks $4M from St James sale

Force Cinemas, a wholly owned subsidiary of Force Corporation, and its joint venture partner Village Roadshow Cinemas, have unconditionally sold the centre and retail complex in Queen Street for $8.5 million.

The company says a deposit of $500,000 has been received, with settlement scheduled for the end of July.

The sale marks a further non-core divestment for Force following the unconditional sale of the remaining units in the Harvey Norman Centre in Auckland last month.

Net proceeds from that sale are expected to be around $4.5 million, with total settlement due before the end of the year.

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