$14m a sweet result
A site that had produced taste bud delight for 40 years been sold after four years on the market, but lovers of confectionary favourites Minties, Jaffas and Pineapple Lumps need not fear it will affect their supply.
A site that had produced taste bud delight for 40 years been sold after four years on the market, but lovers of confectionary favourites Minties, Jaffas and Pineapple Lumps need not fear it will affect their supply.
In a joint venture with Willis Bond and Capital Partners, McDougall Reidy paid $285/sqm for the Rosebank Rd site in Avondale used for manufacturing Griffins’ chocolate until Cadbury’s acquired it 20 years ago.
The $14.35 million sale fell short of the $21million estimate when it was first put on the market.
Cadbury decided to restructure the business and in 2009 closed the factory to invest $69 million in upgrading the company’s Dunedin chocolate plant. Confectionary manufacturing was also moved to plants in Australia and Thailand.
The company’s warehouse was shifted to the Airpark industrial estate near the airport but it’s head office remained on site.
McDougall Reidy will transform the site into an industrial park and will retain Cadbury as a tenant, as well as Vernon Carriers who have been tenants at the property for 12 years.
McDougall Reidy is working with architects to design Cadbury’s new $6.5 million head office, with construction expected to start by the end of the year and be complete by the end of 2012.
5,300sq m of existing buildings will be retained and 10,000sqm of manufacturing buildings constructed in the early 1960s will be demolished.
Nicola Williams
Tue, 23 Aug 2011
Tue, 23 Aug 2011
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$14m a sweet result
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