Fletcher HQ at Penrose sells for $80m
Fletcher has sold its Penrose headquarters for $80 million.
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Hawke’s Bay
The Fletcher Building [NZX: FBU] headquarters in Penrose, which is being upgraded, has sold for $80 million.
Several bids were received from Asia and the US before the 2.2 ha property with a 20 year lease-back to Fletchers, sold to an onshore private investor.
The price represents a yield of around 7% on the net passing of $5,685,647 (as if the upgrade has been completed).
The property that Fletcher has occupied since the 1960s went to market on a “redevelopment as complete” basis.
It will have 13,200sq m of building area when the renovation is completed next year.
Fletcher Building is listed on the NZX and ASX, with revenue of $8.4 billion and 19,000 employees.
The deal was brokered by Colliers agents.
Chris Hutching
Fri, 19 Jun 2015
Fri, 19 Jun 2015
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Fletcher HQ at Penrose sells for $80m
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