The Terrace reassured

Press, 11 August 1988, Page 28

The Terrace reassured

PA Wellington The new majority shareholder of The Terrace Project does not intend to seek changes to the company’s objective of investing in the restoration of Victorian houses.

A board meeting was held yesterday at which discussions were held with the new shareholder, Property Link, Ltd, the property subsidiary of Tag Corp. Last week, Tag announced that it had purchased on and off market, 56 per cent of the issued ordinary capital of The Terrace Project. The purchases included the personal and family holdings of one of the The Terrace Project’s directors, Mr P. R. Gillingham.

The chairman, Mr Fred Turnovsky, said a single major shareholder in the project should enhance the company’s progress. “I am also pleased with the assurances given by Mr Peter

Wise (the chairman of Tag) that he will not seek changes to the company’s policy of renovating Victorian houses and pursuing other development projects on and around The Terrace.”

Mr Turnovsky said that as a consequence of the change in the majority shareholding, two new directors, Messrs Harvey Wu and Brian Bennett, were appointed and the board had accepted the resignation of Mr Gillingham. The Terrace Project is a public listed property investment company which has undertaken a major restoration programme of Victorian houses on The Terrace, Wellington. The houses are being renovated for use as short and medium stay accommodation for business people and families. They are operated by City Life Apartments, a wholly owned subsidiary' which is introducing the apartment hotel concept to New Zealand.