❓ Mr. Wyatt questions the Treasurer regarding the potential sale of Westralia Square and Plaza by ICWA, specifically if they will be revalued or sold below book value. The Treasurer assures there's no fire sale and ICWA will inform him of any sale recommendations.
AnsweredQoN 32Legislative Assembly
QuestionView source ↗
INSURANCE COMMISSION OF WESTERN AUSTRALIA —
PROPERTY ASSETS SALE
32. Mr B.S. WYATT to the Treasurer:
I have a supplementary question.
Will both Westralia Square and Westralia Plaza be revalued or will they be sold
below book value?
PROPERTY ASSETS SALE
32. Mr B.S. WYATT to the Treasurer:
I have a supplementary question.
Will both Westralia Square and Westralia Plaza be revalued or will they be sold
below book value?
AnswerView source ↗
As I said, for those two properties,
ICWA has not got adequate expressions of interest to purchase them. It is allowing
people to still express an interest in them, and if it gets a value that it
thinks it wants to sell them at, it will come and tell me. Whether it is above
or below a value, ICWA will inform me of that. As to whether they will be
revalued, I assume a large number of firms around Western Australia will be
looking, as they are required to do, to revalue assets periodically, and ICWA
will do the same thing, but there is no fire sale here.
Several members interjected.
Dr
M.D. NAHAN : No, there is not. All the proceeds of any sale will remain with
ICWA. Back to the major issue, yes, ICWA would rather not hold these three
buildings. They were loaded onto it during the WA Inc days and they are now not
the best assets in the city to hold. We are revamping the city. A lot of class A
properties are around, and the aim was to get out of property and to manage
funds and do insurance.
Mr
F.M. Logan : Is it a good idea to sell them now?
Dr
M.D. NAHAN : We started it before; that is the issue. They have not been
sold. If someone expresses an interest and it is an amount that ICWA thinks we
should sell them for, I will undoubtedly get a recommendation to that extent.
ICWA has not got adequate expressions of interest to purchase them. It is allowing
people to still express an interest in them, and if it gets a value that it
thinks it wants to sell them at, it will come and tell me. Whether it is above
or below a value, ICWA will inform me of that. As to whether they will be
revalued, I assume a large number of firms around Western Australia will be
looking, as they are required to do, to revalue assets periodically, and ICWA
will do the same thing, but there is no fire sale here.
Several members interjected.
Dr
M.D. NAHAN : No, there is not. All the proceeds of any sale will remain with
ICWA. Back to the major issue, yes, ICWA would rather not hold these three
buildings. They were loaded onto it during the WA Inc days and they are now not
the best assets in the city to hold. We are revamping the city. A lot of class A
properties are around, and the aim was to get out of property and to manage
funds and do insurance.
Mr
F.M. Logan : Is it a good idea to sell them now?
Dr
M.D. NAHAN : We started it before; that is the issue. They have not been
sold. If someone expresses an interest and it is an amount that ICWA thinks we
should sell them for, I will undoubtedly get a recommendation to that extent.
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