Decision in $500,000 commission row
Saturday 15 May 2004
Colliers International has lost a case against a rival real estate agency over a commission on the $52 million sale of one of New Zealand's largest office parks.
By The Landlord
The sale was completed at the end of October 2002, when Australian company Macquarie Goodman announced it had bought the 6ha Central Park office complex on Great South Rd between Penrose and Greenlane in Auckland.But a scrap between Colliers and Rands Robinson over the $500,000 sales commission has just been settled.
Colliers took its case to arbitration, claiming it was owed a share of the commission because it was involved in the sale and that Rands Robinson had breached the Real Estate Institute's code of ethics.
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