$625m Central purchase

PUBLISHED : Tuesday, 25 May, 1993, 12:00am
UPDATED : Tuesday, 25 May, 1993, 12:00am

CROWNROY Investment, a 55 per cent indirectly owned subsidiary of Sea Holdings, will buy a 24-storey commercial building for $625.68 million from World Success Engineering.

The property, Wellington Place at Wellington Street, Central, has a gross floor area of about 94,300 sq ft for retail and office use.

The lower floors let for a monthly rent of $1.05 million.

An initial deposit of $20 million has been paid, with a further deposit of $136.42 million due on May 31. The balance of $469.26 million will be paid on completion of the deal, by August 26.

Crownroy intends to finance the acquisition by bank borrowings and proportionate advances made by its shareholders.