SUNBIZ

Members unhappy with property sale

Members of the Methodist church Bose ko Viti yesterday expressed discord at the sale of the Church property currently being used as a Suva car park lot. The church property
23 Aug 2017 12:06
Members unhappy with property sale
One of the commercial properties of the Methodist Church of Fiji which currently operates as a car park area is located at the corner of Stewart St and Fort Street in Suva’s central business district. Its current value is listed as $4 million. Photo: Fonua Talei

Members of the Methodist church Bose ko Viti yesterday expressed discord at the sale of the Church property currently being used as a Suva car park lot.

The church property situated at Stewart Street in Suva is now valued at $4million.

It was bought by the Church in the 1960’s for $765,000.

It was valued at $2.5 million in 2015.

Giving a presentation on church property updates to the conference, Lako Yani Management Private Limited (LYML) Managing Director Sereana Qoro stressed that the church had no other option but to sell.

Mrs Qoro said the sale was in line with a joint venture agreement made between the church and the iTaukei Trust Fund Board.

The venture was signed on March 21, 2014 where the property was to be developed into a Park Inn by Carlson Rezidor Hotels Asia Pacific Private Limited.

The net profit sharing is in proportion to the property area owned where The Fund will be 72 per cent and The Trust will be 28 per cent

“It is impossible not to sell the car park because of the agreement, if we do not want to break the agreement than we have to sell the land. We have no other choice but to sell. We are very sorry, because of the joint venture agreement. By law there is no other option.”

Company Chairman Laisenia Qarase called on the members’ support in their bid.

“The land where the car park is situated is in an agreement between the trust and the trust fund, it was decided in the agreement for it to be sold and the price will be given back to the Fijian trust fund with time for them to buy it at that value or not,” he said.

“The Lako Yani management board thinks it is best for the church to sell the land because it will bring in good money to ensure the development of other church property.”

Trust Secretary Livai Tuisaravere said 9 of the 10 church properties were gifted to the Methodist Church.

Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: