Mansons sales net $85m
Two Auckland buildings sell after brief marketing periods.
Developer Mansons TCLM has sold two of its Auckland buildings after brief marketing periods.
The biggest is the recently developed GHD Building in central Auckland, which sold for $63 million is a deal brokered by Bayleys Real Estate commercial agent Paul Hain.
The 8303sq m leased office building on a 4296sq m site overlooking the southern motorway at 27 Napier St, Freemans Bay, sold at a 7% yield on its net annual rental income of $4,413,606 to an undisclosed private New Zealand investor.
Mr Hains says he fielded inquiries from several local and overseas potential buyers reflecting the few prime office properties available.
The building’s largest tenant is Lion New Zealand, which will occupy 5139sq m of space on a 10-year lease, also negotiated by Mr Hain. The beer, spirits and wine division will move its current Newmarket premises in June.
Mansons TCLM has also unconditionally sold Courier Post House at 151 Victoria Street West for $22.8 million to a private investor, with a nine year lease to New Zealand Post, also at a 7% yield.
This represents a portion of the site Mansons bought from NZ Post at the end of last year.
Director, Culum Manson, says the company is planning another 20,000sq m office building on the balance of the land in July.
It will have 3000sq m to 3500 sq m floor plates and will be opposite Mansons’ largest development undertaking, Telecom's campus-style headquarters.
Chris Hutching
Tue, 16 Apr 2013
Tue, 16 Apr 2013
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Mansons sales net $85m
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