Notes to the Financial Statements

for the year ended 30 September 2022

7. Property, plant and equipment (continued)

Chancery Chambers was sold and settled on 29 July 2022 for $15,500,000 with a gain on sale of $4,477,828. Chancery Chambers is a Schedule B Heritage Building which imposes certain obligations under the Auckland Council Plan. The Chancery Chambers building and land were valued for accounting purposes on 22 September 2015 by TL Esplin at Telfer Young (Auckland) Limited, an independent registered valuer, at $10,500,000. At 30 September 2022 an impairment was assessed to the digital signing system software under development and recorded at $520,234. At 30 September 2021 an impairment to the value of the fit-out assets of the restaurant has been assessed and recorded at $38,000.

8. Lease inducements

Lease inducements are recorded at contribution cost less amortisation spread over the period of the tenant’s lease.