Chairmanship changes at Gen Properties

Press, 24 July 1986, Page 29

Chairmanship changes at Gen Properties

PA Wellington Mr Norton . Moller, executive chairman of Moller Corporation, has been appointed chairman of General Properties Corporation, Ltd. Mr Moller replaces Mr O. R. Gunn, who will remain a board member. Mr Gunn said in the interim report to shareholders, released yesterday, that increasing international commitments to other companies made it difficult for him to commit the necessary time to General Properties, particularly in the light of its rapid and successful development. Mr Gunn’s other interests include Goodman Fielder, Wattle Industries, Rada Corporation and Elders IXL.

General Properties managing director, Mr B. R. Barnett, said in the interim report that the interim profit of $1.27

million reflected strong rental and trading income.

The result for the Auck-land-based property company includes a share of associated companies’ retained profits of $171,000, but does not include property revaluations or unrealised exchange gains. The comparative profit for last year of $341,000 covered a seven-month period for Northgate Properties only. General Properties recently moved its head office from New Plymouth to Auckland, and Mr Barnett said the move would mean a greater presence in the Auckland and international property market.

The company has 20 properties in’ Auckland, Wellington, New Plymouth, Palmerston North, Hamilton and Australia. Half of the properties are commercial, six are in-

dustrial and four retail.

Current projects include the construction of a 100,000 square-foot warehouse office and showroom complex at Mount Wellington in Auckland; the Wellington Plaza Hotel; the recent completion of a three-storey office block in New Plymouth and the recent acquisition of the Woolworths supermarket in Hamilton.

The company is also a partner in Genos Developments Ltd, a joint venture with an Auckland construction company, for development projects in greater Auckland. A project is now underway in Manukau City.

Mr Barnett said market confidence in General Properties was shown by 1200 option holders taking up 6.9 million shares. A further 726,000 options may be exercised before April 1 next year.

Mr Peter Clark, of Auckland, the present chief executive of Trailways Transport, Ltd, has been appointed marketing manager for The Mount Cook Group, Ltd, and will commence duties at- the Christchurch head office on August 1, He has spent the last six years in general management roles in the road construction and transport industries. Before that he spent 20 years in the oil industry, serving in a wide range of senior marketing management positions. Mr Clark was born in Lyttelton and attended Christchurch West High School.