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Progressive Enterprises purchases Soho Square
30 June 2011: Progressive Enterprises has entered into an agreement to purchase the Soho Square development site in Ponsonby, Auckland.
Progressive Enterprises General Manager of Property, Adrian Walker, said the deal was reached following a public tender process and the company is excited about the opportunity to develop the site.
“Ponsonby is a vibrant community and the Soho Square site represents a unique opportunity for development and we look forward to creating new plans for the site in coming months,” Mr Walker said.
Selling agent Bruce Whillans of Ray White Commercial said that the property had been keenly sought after with six tenders received.
“This has been encouraging considering the flat state of the development market and sends out a strong signal that confidence is returning to this sector,” Mr Whillans said.
The receiver of the company which owned the Soho Square site, Tim Downes of Grant Thornton, said the sale price agreed with Progressive Enterprises was achieved in a competitive situation and was a fair reflection of the current market.
“We are very pleased to have sold Soho following two widely publicized sales campaigns over the past year,” Mr Downes said.
Further information will be provided in due course.
Contact: Luke Schepen at Progressive Enterprises on 027 749 5935 or 09 275 2575.
