Urbus sells Wellington property
Tuesday 27 July 2004
Listed property investor Urbus Properties Limited has sold an office building in central Wellington for $5.9 million.
By The LandlordThe company said the sale price was above the property's current book value.
The Boulcott St property is currently leased by the Department of Conservation.
After this transaction the mix of properties owned by Urbus as part of its $402 million portfolio will be 45% retail, 35% industrial and 20% office. Urbus now has 70% of its properties, by value, in the Auckland region.
Shares in the company were up 1 cent this morning at 96 cents, having traded between 87 cents and 97 cents over the past 12 months.
Read More - Opens in a new window
Commenting is closed
There’s a major housing market downturn coming and it’s likely to reduce the number of investors in the market, according to ANZ economists.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.