Harcourt sale
PA Wellington Harcourt Corporation has sold its major commercial property investment, the Westpac building, in Auckland’s Symonds Street. Announcing the sale yesterday, the company sax’ it would use the proceeds to eliminate debt and expand its core property services business. Harcourt’s chairman, Mr Warren Young, said in a statement changes in the property market and in the business climate generally had
contributed to the decision to sell the building. The building was acquired to accommodate the group’s Auckland operations in one building. Because of the contraction of the commercial property market, Harcourts accommodation requirements were somewhat less than they were 12 months ago. “However, we still intend to centralise our Aucklandbased operating divisions, and we have accordingly taken a head lease on the building.”
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Press, 28 September 1988, Page 38
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126Harcourt sale Press, 28 September 1988, Page 38
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