By ANNE GIBSON
The Overseas Investment Commission has granted approval for three Auckland businessmen to sell their Auckland and Hamilton properties to an Australian company for $58.5 million.
Ian Calderwood, John Murdoch and Gary Paykel - are selling properties in Manukau and Te Rapa to AMP NZ Property Retail, 89 per cent
owned by Australians.
The $39 million, 11.1ha Te Rapa property and the $19.5 million, 4.3ha property at Manukau consist of partially completed bulk retail sites, bare development sites and a commercial office building to be redeveloped, the commission said.
In December, AMP said three deals had been done with Takapuna developer Jonmer Projects for vacant land next to the Manukau Supa Centa, a bulk retail property owned by AMP; Northwood Supa Centa, a large-format retail centre at Belfast on the outskirts in Christchurch; and 9ha of land at Te Rapa near Hamilton. Together, the deals were worth $150 million.
AMP portfolio general manager Murray Jordan said then that Jonmer had contracted to build new stores on vacant sites beside the Manukau and Christchurch properties, find tenants for them and sell the finished developments to AMP at a pre-agreed yield.
The commission also cleared giant Japanese timber miller Juken Nissho to pay the Price family trust $2.9 million for 926ha of land in the Gisborne area and to pay Norman McKinnon $1.1 million for 648ha of Wairoa land.
