N.Z. Mutual Funds Purchases Three Further Properties

Press, 7 August 1976, Page 16

N.Z. Mutual Funds Purchases Three Further Properties

N.Z. Mutual Funds, New Zealand’s largest propertybased mutual superannuation fund, has announced three further property purchases. A modem 938 sq. metres factory and office building, constructed in permanent materials, has been purchased at Milford, Auckland. David J. Reid N.Z., Ltd, an electronics company, has leased the property long term. Brown and Taunt, Ltd, introduced the parties. The second property is in the rapidly appreciating area of Avondale, Auckland and is secured by long term lease to Noel Products, Ltd, a prominent distributor of plumbing supplies. The newly constructed 905 sq. metres office and factory building was built by Davison Construction Co., Ltd. Kirkman Real Estate, Ltd, was the real estate agent involved. M.F.L.’s move into Rotorua is marked by the purchase of an office, showroom and workshop complex at Te Nage Road, This complex is leased long term to Industrial Steel and Plant, Ltd, an industrial machinery firm who have branches throughout New Zealand. The transaction was conducted by Golden Coast Real Estate, Ltd. Property holdings of N.Z. Mutual Funds members now number 60 with a total value in excess of $17,000,000. Investments in Government and Local Bodies Securties total $5,128,829 bringing total gross assets to in excess of $22,000,000.

M.F.L. members have been credited with over 10 per cent per annum tax free for the past 5 years as well as receiving tax exemptions on their contributions. Advertisement