Pity they do not over deliver on their divie.
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I agree, BP. Better use of the money there than in my pocket!
So looks like the recent massive land acquisition announced last month was worth ~$56 million judging by the "contractural commitments for land purchases"
Also interesting they are planning almost $25 million on capex in "investment property" which is triple there current retail property portfolio.
Whats also interesting is that MCK is breaking out the retail investment property in CDL as an all new seperate reporting segment. currently assets of just $8.4 million, but with that ~$25 million of capex planned it looks like MCK/CDL have large plans for getting into retail property ownership. I assume it's primarily driven by MCK to diversify its revenue base somewhat.
My pick is that the majority of the $25m relates to the Wiri Design Build Lease Industrial development project rather than the Rolleston or Preston’s Park retail. As I have noted previously, CDI have been cagey on details on the project. If I’m right, I’m expecting a sizeable revaluation gain on completion. Question is whether it’s a long term hold or whether the capital invested will be recycled (although the commitment is categorised as Investment Property so I guess in the short term it’s a hold).
Interesting that there was $5.101m spent on the purchase of investment property and no commentary on this I've spotted. The $56.258m land purchase commitment was unchanged on Dec 2020 so this wasn't part of that deal (or deals - its still possible that the $56.258m represents the 67.1ha and something else).
It would appear this $5.1m is just another smaller subdivision somewhere that was purchased and settled during the half year that adds to the future pipeline of development sales. To me its just a reminder that in addition to the bigger developments they do a few smaller bits around the edges.
The supply constraints in the construction sector have some sites grinding to a halt. no word from cdl with regard to how their developments are progressing, or not, with this in mind ...
yes, that's right. but to sell the sections, cdl requires buyers who are of the view they can build on those sections in a timely manner. which is why i pose the question ...
well, some court action ..... somewhat out of the blue.
can't recall CDL having to vigorously defend anything before.