An unnamed bidder for the Harbour City Centre building owned by upscale Wellington retailer Kirkcaldie & Stains has missed a deadline for confirming it was satisfied with due diligence and the agreement could be terminated if an extension is not sought.
The Harbour City Centre building is valued at $46.55 million, according to the company's 2012 annual report published last month, below the $48.65 million estimate made a year ago once earthquake strengthening and refurbishment was completed.
Kirkcaldie put the difference down to rising insurance premiums.
Still, the building's value easily eclipses the unprofitable retailer's entire market capitalisation of $31 million, a value gap that has attracted investors including corporate raider Ron Brierley and former Brierley Investments chairman Selwyn Cushing's family.
Kirkcaldie first flagged the sale of the building on October 26, conditional on the purchaser completing and confirming satisfaction with due diligence by 5pm on November 30.
"The company has not received confirmation from the purchaser that this condition has been satisfied," it said today. "The conditional contract remains in place. However, it may be terminated by either party on written notice to the other party, unless a formal extension of the condition is agreed."
Details of the transaction remain confidential, it said.
Shares of tightly held Kirkcaldie last traded unchanged at $3.05 and have jumped 17% since the conditional sale was announced in October.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Campbell Gibson, Nick Grant and Chelsea Armitage chat about the inner workings of New Zealand media
- Paul Brislen discusses the 'snake oil' sales tactics of SalesConcepts
- Fonterra chief executive Theo Spierings reveals his ambitious China plan
- UDC Finance chief executive Wayne Percival talks about the company's profit
- Hamish McNicol discusses the latest court stories
- Trilogy International CEO Angela Buglass reviews another bumper result
- Eroad CEO Steven Newman talks about his company's revenue increase
- What do the latest terrorism attacks in Mali and Israel mean? Nathan Smith discusses the latest foreign affairs news
- NZ Windfarms departing director Michael Stiassny speaks out after board exit
- James Mayo talks about SOS Hydration's growth plans after Snowball offer
- Michael Wood on whether he would run in Mt Roskill
- SAFE's Abi Izzard quizzed over protest of a caged hen operation at Pukekohe