High rates blamed
PA Hamilton High interest rates have been blamed for the shelving of a multi-million dollar Hamilton convention centre. Whangarei-based developer, Mr Tom Butcher, confirmed the $2O million project had been put on indefinite hold until interest rates drop to around 14 per cent. “I can’t begin to pay 23 per cent for borrowed
money,” he said. Construction on the 2.5 ha site opposite Hamilton’s centennial pools was scheduled to begin in September, but Mr Butcher said it was just not economically viable at the moment.
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Press, 15 July 1987, Page 44
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88High rates blamed Press, 15 July 1987, Page 44
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