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St Laurence has no problem with tenants in new offer

St Laurence has rolled out a new proportionate ownership scheme for a building in Wellington which should have no problem with the tenants.

Wednesday, November 16th 2005, 6:16AM

The building in Wakefield Street is going to be the new offices for the St Laurence Group.

St Laurence has a contract to purchase the for $4.5 million, and it plans to package it up as its eighth proportionate ownership scheme.

St Laurence managing director Kevin Podmore says the offer will provide a cash return of 8.25% per year, paid quarterly. St Laurence will lease the entire building for an initial six year term commencing upon settlement with two rights of renewal of 3 years each, which if exercised mean the lease expires on 14 December 2017.

A total of 120 interests each of $25,000 are on offer; investors may purchase one or more interests in the scheme.

The $3 million raised, together with $2 million of bank debt, will be applied to purchase the property, and fund the establishment costs of the scheme as well as the $250,000 of improvements required by the tenant.

St Laurence structured the investment opportunity as a proportionate ownership scheme in order to minimise upfront costs and pass on the depreciation benefits to investors.

Podmore sees continued interest from investors in proportionate ownership investment opportunities. As a consequence, St Laurence is now actively seeking properties within the $3m to $10m bracket.

“Having established a reputation for this type of direct property investment, St Laurence benefits from a number of ‘off-market’ opportunities.

“Essentially we are providing opportunities to a number of investors, through this type of structure, to participate in the ownership of a commercial building without the necessity for outright ownership. Investors cannot only diversify their risk but also benefit from our property acquisition and property management experience.”

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
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Avanti Finance 8.40 - - -
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Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
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BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
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SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.49 6.49 6.49
TSB Special 7.89 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
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Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
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Westpac Special - 6.29 5.79 5.79
Median 7.99 6.02 5.79 5.69

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