Large Land Holding

645 Great South Road, Penrose

We purchased this large land holding of 24,691 sqm with outstanding exposure to one of NZ's busiest roads in October 2003 on a long term settlement basis and had been investigating various concept ideas for its redevelopment.

In late 2004, however, an opportunity arose to on-sell the land to another reputable developer, Jomac Construction Ltd, with settlement effected in March 2005. Subsequently, EDI Downer purchased the property,  constructed an asphalt plant together with associated office functions on the site and taken a long term leaseback of the property.