Newmarket Business Association is delighted on the Lion Nathan decision on buy back the site of its former Newmarket, Auckland. Lion Nathan has taken this decision when Newmarket Business Association raised concerns that after the exit of Lion Nathan the site has been neglected and the AMP Capital Investors investment fund that took full control failed to secure capital funding for redevelopment.

Chief executive of the Newmarket Business Association, Lea Worth said that with the buyback of the site by Lion’s Nathan will ensure tidiness of the site for which Lion’s are well known. Lion’s are also recognized for their great corporate citizens in Newmarket.

The Overseas Investment Office has cleared the investment fund, APEREF II, to buy the 40% in February 2008. There was no official announcement on the selling price of the site but if value gets estimated it would cost around $30.6 million.

Mrs. Worth said that after AMP buying this site , it become a huge challenge for the new super city council to ensure the high-quality mixed used development of the site and to make this site a huge one.

The buying back of site is good for the community as well as for both the parties because it will bring end to the year’s long power struggle between the two.

Newmarket is gaining its position as the Auckland’s second commercial district and with Lion Nathan as there new owner , everybody is happy and looking forward to work with this new developer on getting the commercial, residential and retail mix right.

Lion Nathan national foods chief financial officer, Jamie Tomlinson said that all the brewing is moving to Lion Nathan's Ormiston Road plant and this is good opportunity for the community as GNDL will now review its plans for the future development and will bring good investments which will help the redevelopment of site for the benefit of the business and community.