Since he joined the NBR Rich List in 2016, Auckland property investor Ben Cook has embarked on a transtasman spending spree, which has boosted the value of the Cook Property Group portfolio to more than $300 million, less debt.
Over the past two years the 42-year-old has splashed out $A145m on four retail properties in Sydney, the latest acquisition being the Entrada Shopping Centre of Parramatta, which cost $A41m. Underpinned by a 20-year lease to Coles, Entrada is a good strategic fit because the barrier to entry for such large developments is significant, Cook says.
“Parramatta’s growth story is compelling and the income generated from the asset is mostly non-discretionary,” he says. “This fits with my investment model of acquiring defensive assets in core Sydney locations with excellent growth prospects.”
On this side of the Tasman, Cook has rejigged his portfolio by disposing of several properties including the Blacketts Building on Queen St, Auckland, which fetched $21m. Also sold was a large chunk of a Newmarket car park, which fetched $19m in late 2017, while new investments include a 1.6ha retail centre in Albany costing $26m and a 1.2ha industrial site in Mt Wellington, which was bought for $10.5m.
Partnering Cook in several of his recent investments is the former iHug co-founder Tim Wood who generally takes a 50% stake. Following the 2017 revaluation of Auckland properties, which raised commercial valuations by up to 50%, their most valuable asset is the Chicago-style General Building in downtown Auckland, valued at $30m.
Cook came to public prominence in 2015 when he paid $24m for a 4000sq m mansion in Herne Bay which neighbours say has helicopters coming and going every day.
Photo: New Zealand Herald/newspix.co.nz