Landmark profit
PA Wellington The chairman of Landmark Properties, Ltd, Sir George Chapman, announced the sale of two of the central Auckland properties for close to $2 million. The sale will provide a realised capital profit of about $450,000 over and above the 1984 revaluation figures and would free up a substantial amount of cash for use in new and profitable investments, he said. The profits realised will be available for tax-free dividends at a future date. These two sales bring the total realised profits of Landmark to more than $1.2 million for the year ended March 31, with end-of-year trading and property revaluation profits yet to
come. The managing director, Mr O. M. Newland, said the fact that both properties sold well above their last valuation underlined Landmark’s conservative revaluation policy, and the continuing upward trend of commercial property values in Auckland City.
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Press, 2 April 1985, Page 34
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144Landmark profit Press, 2 April 1985, Page 34
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