Published 11 April 2008
MFS Diversified Group (now called the Geo Property Group) has sold the former ANZ Bank Building on the corner of Queen & Victoria Sts to local investor Ben Cook for $33 million.
MFS managing director Guy Farrand said on Wednesday that, in Australian money, the sale of 203 Queen St was at a $A1.56 million discount to the 31 December book value of $A30.76 million. MFS said an initial deposit of $NZ1 million had been paid and the balance of the deposit, $NZ2.3 million, was due today. Settlement is due on Thursday 15 May.
The Auckland deal was one of 3 sales Mr Farrand reported on Wednesday, 2 below book value and one above.
The MFS group, struggling to stay afloat, is under heavy pressure to sell assets and reduce debt.
The ANZ Bank sold the building for $19 million to Noel Robinson, Goodman Group’s partner in the Highbrook industrial land development, and Mr Robinson carried out a major refurbishment before selling to MFS last year for $33 million
Mr Cook’s property-specific company, 203 Queen Street Ltd, was incorporated on 3 April, with Jonathan & Murray Rose holding 25% of the company each. Mr Cook is a director of Nature Bee Ltd and owner of a number of Auckland cbd properties. His other companies include 22 Lorne Street Ltd, 26 Lorne Street Ltd, 36 Kitchener Street Ltd, Downtown Properties Ltd, Empire Ventures Ltd, Lorne Street Holdings Ltd, Metro Properties Ltd, Mid Town Properties Ltd, Q&V Management Ltd, Q&V One Ltd (and Two & Three), Vulcan Lane Holdings Ltd. The Roses’ interests include directorships of Downtown Properties & Mid Town Properties.
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Attribution: MFS release, Companies Office, local information, story written by Bob Dey for this website.