Landmark buys $7.5M worth of properties

Press, 19 August 1982, Page 30

Landmark buys $7.5M worth of properties

Landmark Properties. Ltd, the recently listed group floated to invest in the Auckland property market, has bought Baker Developments. Ltd, an Auckland-based construction group. The Landmark directors said after their statutory meeting yesterday that the purchase has given the company several prime commercial' investments leased to the Post Office, the Justice Department, and other major tenants, including Pilkington Glass, Ltd.

The general manager of Landmark (Mr O. M. Newland) said he estimates the market worth of the properties obtained in the take-over at $4 million, and that they are showing most satisfactory rent returns and have excellent capital growth prospects. Baker Developments was formed in 1969 by Mr John Baker and Mr Harold Good-

man; the company has completed more than $5O million worth of commercial and industrial developments. A new development company, Baker Developments (1982), Ltd, has been formed wth a capital “just under $1 million," and to be managed by Mr John Baker. This will retain all Baker staff and continue the company’s construction programme. Landmark will have no involvement with the construction activity.

Landmark's chairman (Sir George Chapman) said the, Baker purchase will broaden the commercial base of Landmark. Since it commenced business, Landmark has acquired commercial property with an estimated market value of more than $7.5 million.

The company had further acquisitions under consideration, he said.