IEL extends offer
Industrial Equity, Ltd, Brierley Investments’ Australian subsidiary, has extended an offer to its own New Zealand shareholders to purchase luxury apartments at half price. I.E.L. aquired two blocks of luxury apartments on Australia’s Sunshine Coast, 90km north of Brisbane, late last year as part of a larger deal. The apartments were offered to I.E.L. shareholders in March for an average sAustl2o,ooo, plus
free inspection flights from anywhere in the world. In all, there were 37 apartments in two blocks, “sundeck” and “caniargue,” aquired from Kemtron, the original developer, an Australian public company, which built the units during the Queensland property boom; three years ago most of the apartments were sold off the plan for sums up to and exceeding sAust2so,ooo. Because of the effective collapse of the Queensland real estate market, the apartment deals also fell
through as buyers dropped out. As a result of the March offer, many of the units have been sold to I.E.L. shareholders. Now I.E.L. is extending its offer in New Zealand alone, to coincide with the remaining apartments being placed on the open market. “Shareholders of I.E.L. will be able still to fly to Australia to view the apartments as buyers and - the furniture offer will stand. Both will be free.
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Press, 29 May 1985, Page 36
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210IEL extends offer Press, 29 May 1985, Page 36
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