Smiths City to sell Colombo St property for $20 mln in sale and leaseback arrangement

Fri, 07 Aug 2015

By Paul McBeth Aug. 7 (BusinessDesk) - Smiths City, the Christchurch-based retail chain, has agreed to sell its Colombo St property in a sale and leaseback arrangement, pending agreement from shareholders at this month's annual meeting. The company has entered into a conditional agreement with an unnamed buyer to sell the site for $20 million, plus GST, and enter into a leasing arrangement paying annual rent of $1.4 million plus GST and outgoings, Smiths City said in a statement. The deal is expected to be completed on Sept. 18, subject t...

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