Capital ready and waiting as commercial property market stabilises voxy.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from voxy.co.nz Daily Mail and Mail on Sunday newspapers.
The Business Herald ’s new column offers insight into what those on the inside of the property industry are talking about, what worries them, what they’re.
Kevin Stent/Stuff
Hard hit by Covid, US-based Reading Cinemas has ‘’monetised’’ a major piece of land on the Auckland industrial market.
Cinema company Reading International has sold a huge parcel of light industrial land in South Auckland, making a bumper profit. The 28.5 hectare parcel of industrial land in Wiri near Auckland Airport was sold for $77.1 million to 100 Prices Rd, a company linked to prominent retailers Anne and David Norman,. Reading reaped a US$41m (NZ$58.45m) gain from the sale after costs, saying the property sold for well above its book value of US$13.5m and “substantially’’ above estimates before the pandemic.