Smart holding rises to 70pc

Press, 2 July 1986, Page 36

Smart holding rises to 70pc

PA Wellington Smart Group (NZ), Ltd, now has a 70 per cent shareholding in Williams Property Holdings, Ltd, said Mr Stephen Smart, who is managing director of Smart Group and deputy chairman of Williams Property. He said yesterday. that the sale of 50.01 per cent of the William’s family shareholding in Williams Property to Smart Group had now been completed. Smart Group had also agreed with Invesco Group, Ltd, to purchase that company’s 19.99 per cent shareholding in Williams Property. As a result. Sir Robertson Stewart, Mr Charles

Wright and Mr lan Ward have resigned from the board of Williams Property. The directors are now Sir John Marshall (chairman), Mr S. J. Smart, Mr Alfred G. Morgan-Coakle, Mr Warwick D. Peacock and Mr Arthur D. P. Williams. Smart Group is 51 per cent owned by the Smart family and 20 per cent by the Williams family. Meanwhile, Williams Property is to buy the Convent of the Cenacle in Auckland, from the Catholic Church. The property was offered by private tender last month. The property comprises three separate lots with a

total land area of 1.5265 hectares. The property is a two-storied Edwardian mansion of 65 bedrooms, formerly the private residence of Sir Robert Kerridge. The mansion is protected with a C2 historical designation. Mr Smart said the group Intended refurbishing the property to its former glory, and to provide a rest home for the elderly. Work will start in September and the building will then be leased. At that point Smart Group may consider a sale to an organisation with an interest in this area, Mr Smart said.