The directors of The Colonial Motor Company Limited advise that the company has entered into an unconditional contract for the sale and leaseback of the dealership property of Capital City Motors Limited in Wellington.
The contract covers the sale to Balgan Limited (a company owned by developers, Vicinity Limited) of all the property owned by The Colonial Motor Company Limited at the corner of Taranaki and Jessie Streets, Wellington and involves a leaseback of the premises for a period of two years. The directors of Vicinity Limited view the development of the property as an excellent opportunity to add to the vibrancy of the Courtenay Quarter.
The leaseback period will enable the new owners to plan the development of the property and for Capital City Motors to progress its relocation to alternative dealership facilities in the Wellington Region. In the meantime, business will continue as normal for Capital City Motors’ Ford and Mazda dealerships on the site.
Settlement of the sale and purchase transaction is scheduled for 31 August 2015.
