Northland sells Port Whangarei land

Northland Port Company yesterday said it had agreed to sell its Port Whangarei land and facilities for $13.15 million.

Northland Port chairman Mike Daniel said the sale was conditional on the completion of due diligence and was expected to settled by mid August.

The sale price reflected the current valuation of the asset and this would be satisfied by a cash payment on settlement with the remainder due after a further three years, Daniel said.

Northland Port general manager Jim Smellie said the company had a confidentiality agreement with the purchaser which meant it could not be identified at this point. He says land which the company is selling at Port Whangarei will not be used as a commercial port under its new ownership, once existing operations are transferred from the area. For the past two years Northland Port has been moving its operations from Port Whangarei to the Marsden Point facilities it owns with Port of Tauranga.

The sale agreement announced yesterday includes provision for Northland to continue using Port Whangarei facilities until all of its operations are transferred to Marsden Point.

- NZPA