Augusta Funds Management is launching a syndicate to purchase three hectares at 510 Mount Wellington Highway from St Laurence Property & Finance.

St Laurence bought the 20,908sq m property in 1999 for $13 million, and its executive chairman Kevin Podmore says it aims to raise money for other projects from the sale.

“We see ourselves mainly as an active property investor. While there is a bit of land available to develop on at 510 Mount Wellington Highway it is mainly passive,” Mr Podmore says.

It’s amazing how rapidly things can change. The other day St Laurence Property & Finance posted a loss of $34.8 million after tax for the six months to September 30, due to property revaluations and an increase in loan provisions.

Just a few months ago this is what chairman Kevin Podmore said – “The outlook for the group is positive. With signs that the property market may be levelling out, SLPF with its diversified investment portfolio, experienced management and an active value-add focus is extremely well placed to adapt to changing market conditions.

St Laurence Property & Finance has posted a loss of $34.8 million after tax for the six months to September 30, due to property revaluations and an increase in loan provisions.

NZDX-listed St Laurence Property & Finance is a separate entity from troubled finance company St Laurence, although St Laurence owns a stake in SLPF and also holds its management contract.

Property revaluations saw the value of SLPF’s property holdings decrease by $22.8 million in its first half results.