Auckland hotel plan new focus for Grierson

Josephine Grierson

Auckland businesswoman Josephine Grierson is going into a tourism property investment scheme after selling her half share of the Fox retail centre at Northcote.

She said a large Auckland hotel deal had presented itself and she wanted to enter the tourism industry because it had good growth prospects.

"It's a good idea to be cashed up at this stage of the market because we're going into a downturn and a soft recession so it's a great opportunity to take advantage of that," she said.

She would not say how much she got for her Fox stake.

Dominion Funds chief executive Paul Duffy said yesterday a division of his business had bought her half-share of Fox, a retail outlet shopping centre, cited as being worth about $15 million.

Grierson said she was excited about the next phase of business and was leaving Fox with good prospects.

"I'm sad to have sold out of Fox but it's in great shape as a business and it's got a great future," she said. "It was a real privilege to be involved with all the people who made it happen."

Several new investment opportunities had arisen and she was doing due diligence on two deals, one for a central Auckland hotel.

Another property elsewhere in New Zealand could also be included in the deal.