Sharechat Logo

Turners buys industrial land in Wiri, South Auckland for $4.8 mln

Wednesday 3rd August 2016

Text too small?

Turners, the financial services firm, has bought a one-hectare industrial site in Wiri for $4.8 million to extend its footprint in South Auckland.

The acquisition lets the company expand its truck and machinery business, Turners said in a statement without giving further details.The property is on the corner of Roscommon Road and Vogler Drive and Turners said it was a highly visible corner site with easy access to motorways and arterial roads.

"Acquisitions of strategic property sites are becoming an increasingly important part of the growth strategy for Turners to allow for further footprint expansion as the business grows, and to achieve stronger control over property overheads," Turners said. "As part of this strategy, Turners have previously purchased properties in South Auckland and Christchurch."

Turners became the name for the group after Dorchester Pacific acquired Turners Auctions in 2014 to complement its largely automotive loan book and insurance business. It survived the collapse of many finance companies in the wake of the global financial crisis. Since then, it has been on a buying spree, adding Levin-based lender Oxford Finance, Greenwich Life Insurance and Christchurch-based Southern Finance.

In July, Turners bought Auckland used car importer and dealer network Buy Right Cars for $15.3 million, adding eight dealer sites across Auckland and a workshop in Manukau. 

The shares were unchanged at $3.06, and have gained 2 percent this year.

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Napier Port plans mid-July share offer
NZ dollar firms after RBNZ holds rates; eyes on China-US trade talks
Banks, insurers should expect more intrusive RBNZ - Bascand
McConnell to pay $1.1M: used Hawkins' insolvency as a weapon - judge
Hipkins seeks joined-up thinking across state bureaucracy
Economists now expect August rate cut from RBNZ
RBNZ keeps OCR at 1.5%, signals more easing likely
UPDATE: Fletcher shares gain on $300 mln buyback
IMF favours gradual bank capital hike
Fonterra says full-season milk collection up 1.2%

IRG See IRG research reports