Fisher & Paykel to sell property

FISHER & Paykel is set to close down its Australia and New Zealand manufacturing facilities and will put the properties on the market.

Yesterday, Fisher & Paykel’s chief executive John Bongard said the company expects to fetch $NZ100 million from the sale of its surplus property in New Zealand and Australia.

The properties are the a factory in Dunedin, NZ and another in Brisbane’s bayside suburb of Cleveland – about 25kms from the CBD.

Bongard cited ongoing manufacturing cost escalations, particularly in New Zealand and Australia, as the main reason for relocating production to China and Mexico.

Australian Property Journal