9 July 2002
Commonwealth Bank of Australia & subsidiaries have sold 4.4% of Colonial First State Property Trust for $84.2 million over the past 4 months, cutting their combined holdings to 58.08%.
Westfield NZ Ltd has completed the first stage (12 new stores, including a new McDonalds) of its $55 million 8500mÂ² extension & upgrade of the St Lukes centre. Westfield director John Widdup said the centre would boast a very sophisticated choice of high-end fashion stores by Christmas, and by completion in mid-2003 will have an 8-screen multiplex, more than 150 fashion & lifestyle stores, a Farmer’s department store, Kmart and Foodtown supermarket.
The Property Council released its new premises conditions report last week — a tool to get agreement between landlords & tenants on the actual physical condition of premises before they enter a lease. It contains a comprehensive checklist, and attaching photos is encouraged. There’s a column to record who’s responsible for reinstating every item.