Postie Plus moving to new digs

By Chris Hutching

Friday 13th February 2004

Stock Exchange-listed Postie Plus is moving ahead with its business plans, regardless of its share price being marked down by investors, along with other listed retailers.

The company is relocating to new headquarters in Christchurch and will become a key tenant in a redevelopment at 359 Lincoln Rd, near Hagley Park, in the former Press newsprint store. The store is being gutted and renovated for occupation by Postie Plus in June or July.

The company has performed in line with expectations in the prospectus after listing last October at $1.25 a share but the share price has fallen to 97c on thin trading since then.

Director Paul Young said yesterday that retail stocks were no longer flavour of the month after some recent floats initially soared on market hype but then corrected downward. Postie Plus had been caught by the same sentiment. The move into new premises in Christchurch would help the company consolidate its back-office administration for the subsidiaries in the group, with consequent cost savings.

Noel Gilchrist, of HG Livingstone, who clinched the leasing deal in Lincoln Rd along with fellow agent Graeme Harris, said Postie Plus would use the first floor of 1500sq m for administration and as its head office. The ground floor was being refurbished for retail space.

Another two-level office/retail building would be built on the site with a retail space of about 150sq m, plus there will be a nearby Coffee and Clean carwash in purpose-built facilities. Mr Gilchrist has been marketing the high profile Lincoln Rd and said the Postie Plus move was a big leasing deal for Christchurch. The project is being jointly marketed by H.G Livingstone and Simes Commercial.

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