New Zeeland: Lion Nathan Auckland brewery sale uncertain until May

Brewer Lion Nathan has whittled down a list of people interested in buying the Newmarket site of its Auckland brewery but says there will be no decision on the historic move before May, New Zeeland Press Asocciation reported March 5.

The company first signalled last November that it was considering moving its Auckland brewery from the 5ha site in the commercial, shopping and apartment precinct of Newmarket and in February said it was seeking expressions of interest.

The 5ha site is in the heart of Newmarket and property developers have speculated it would sell for more than $150 million. The site is bounded by a rail line and busy road so is expected to be eyed for mixed development rather than just apartments.

In a release to the stock exchange today the company said it was now in talks with a small number of parties.

"The company is considering all factors influencing a potential relocation to a new site, including the value of the current site and any proposed new site, and the construction cost of a new brewery," Lion Nathan said.

No decisions will be made about the existing brewery site until the next phase of a strategic review was completed in May.

The company has consistently signalled that it will build a new brewery in the Auckland area.

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