Capital Properties upbeat on future

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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