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PGG Wrightson to sell prime Napier land

-Press release

Tuesday 17th July 2007

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PGG Wrightson is to sell its flagship wool storage facility in Ahuriri, Napier with the site on prime retail or residential development land.

The 5.27 hectare leasehold site and an adjacent site already have an existing resource consent allowing for 22,720m2 Big Box retail site and this is expected to interest some of the larger players in retail development.

The PGG division, New Zealand Wool handlers who currently use the site would consider a variety of proposals from interested purchasers.

Colliers International sales manager Jude Minor says the site is one of the largest remaining prime pieces of land in Ahuriri, which has been the focus of apartment developments over the last five years.

Over this period more than 200 apartments and townhouses in four complexes have been built. Plans are underway for a further three complexes.

"The site is suited to Large Format Retail as it's on the main road heading north from Napier's CBD and is close to other big box retailers such as the newly opened Mitre 10 Mega.

The Napier City Council has already earmarked another potential retail site close by and they will complement each other well, Minor added.

PGG Wrightson has a long history with the site, which was opened in 1955 and has had many uses but predominantly used for Wool storage. It has also been used for exhibitions.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond

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