Urbus buys next to Rebel in Palmerston North
Thursday 4 November 2004
Listed diversified property investor Urbus Properties Ltd has gone unconditional on the acquisition of the Briscoes store in Main St, Palmerston North.
By The LandlordUrbus already owns the adjoining Rebel Sports store. It’s bought the new property off-market for $3.425 million, representing a yield of 9.2%. The current lease with Briscoes expires on 31 August 2008.
Urbus Management Ltd chief executive Hamish Plimmer said: "The property is another strategic purchase completed off-market. With the current Rebel Sports store we now have a 6000m² site that has an excellent profile and works very efficiently for bulk retailing. The acquisition is a good fit for our sector mix."
Read More - Opens in a new window
Commenting is closed
Those who were anticipating a Covid-prompted housing market collapse got it wrong with the latest REINZ data revealing strong growth in prices and sales.
Treasury might be expecting house prices to fall - but market data suggests otherwise, with Trade Me Property’s August data the latest to show rising prices and high demand.
ASX-listed Centuria Capital has declared that its takeover of New Zealand property funds manager Augusta Capital is now unconditional, as it has secured nearly 66% of Augusta’s shares.
Home lending soared to $6.5 billion in July during New Zealand's Covid-free period, reaching its highest level since November last year.