The value of Ports of Auckland's blue-chip waterfront investment land, on the western reclamation, could nearly double overnight when it is rezoned from industrial to commercial and residential.
Monday, May 23rd 2005, 3:57AM
by The Landlord
In a report valuing Auckland Regional Holdings' $8 a share offer for the 20 per cent of the port company it does not already own, valuer Grant Samuel said the company's investment land could be worth between $170 million and $197.25 million.
It said this non-operational land was worth $102 million on December 31 last year. And it was confident the port company would get the green light for the rezoning from the Auckland City Council.
An analyst said the valuation could be $100 million less than some property watchers anticipated.
But the 17ha chunk of land would take many years to fill up and would not be the "next Macau". It would not be occupied by money-spinning casinos and nightclubs but by passive users, so its prospective value was discounted.
