New listing

Press, 14 April 1984, Page 22

New listing

Northgate Properties, Ltd, will be listed on the New Zealand Stock Exchange on Monday. The public issue for 5,180,000 ordinary shares and 2,590,000 separately transferable options opened and closed fully subscribed on March 20.

The directors say they are pleased at the progress made on the company’s

major development, a building in New Plymouth to be rented by Smith and Brown, Ltd. This is due for completion in September. Negotiations are also underway on further property developments. These are with other nationallybased chains which have shown interest in expanding their trading in the Taranaki area, they say.

Robt Jones Investments, Ltd, has let a contract for the building of this $7,195,000 office block on the V.M.C.A. site in Willis Street, Wellington. The building will be erected in a finished, carpeted condition for the company by Wilkins and Davies, Ltd, for a fixed total price, making it the largest, single acquisition yet undertaken by Robt Jones Investments. It will provide ground floor retail space and 36 onsite under cover car-parks.

Arrangements have been completed for it to be fully income producing on settlement. The building is scheduled for completion in mid-1986. The directors say that market analysis, confirmed by outside consultancy advice, shows there will probably be a shortage of new Wellington office space in mid-1986. The property is the twenty-fifth contracted or purchased by the company since its initial flotation in late 1982.