Cinema chain offloads huge parcel of industrial land

PHOTO: The two blocks of land spanning 28.3ha in Wiri are tipped to become a business park.

Cinema company Reading International has sold a huge parcel of light industrial land in South Auckland, making a bumper profit.

The 28.5 hectare parcel of industrial land in Wiri near Auckland Airport was sold for NZ$77.1 million to 100 Prices Rd, a company linked to prominent retailers Anne and David Norman.

Reading reaped a US$41m (NZ$58.45m) gain from the sale after costs, saying the property sold for well above its book value of US$13.5m and “substantially’’ above estimates before the pandemic.

Buyers Anne and David Norman own James Pascoe Ltd, an umbrella company for several retail brands including Farmers, Whitcoulls, Pascoes and Australian jewellery chain Prouds. It also holds a cornerstone stake in the Warehouse Group.

Brett Nicholls, a Norman family spokesman, said it had not been completely decided what the land would be used for, but it was well suited to a light industrial or business park.

“We do intend to utilise the land sooner rather than later so our focus is on getting a design and opening up the land as soon as possible.”