Capital Properties upbeat on future

Tuesday 20 July 2004

Capital Properties expects to get the green light from the Government next month to start construction of the new Defence headquarters in Wellington.

By The Landlord

Defence was going through its final approval processes and the $50 million proposal would hopefully go before the Cabinet about the middle of next month, chairman Colin Beyer told the annual meeting yesterday.

The 18,000-square-metre building on the corner of Mulgrave and Aitken streets in Thorndon, was due for completion by the end of 2006.

"We have a very strong balance sheet with ample ability to pay for the construction of the new building and we are currently considering repaying all or a substantial part of the 2005 notes from bank borrowings."

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