Landmark office block for sale

The Singaporean owners of a landmark commercial building at 280 Queen St are cashing in on Auckland’s sizzling office market and putting it up for sale.

The prominent building and freehold land in a busy stretch of the city’s most wellknown retail thoroughfare is on the market five years after LGGM Ltd bought it in 2013 for a reported $51 million sum.

Auckland’s office building sales have been breaking records this year. Sales of $2.7 billion were made in New Zealand in the first half of 2018, the majority of them in Auckland, according to Colliers International.

LGGM is owned by Singaporean investors Jeffrey Yih Peir Hing and Bei Keen Wong, according to Companies Office records.

The 15-level building sits on a 2253-square-metre freehold site with two street frontages. It has three levels of retail and 12 of offices. It was built in the 1970s and then extended via the construction of an adjoining office tower in 1992.

A capital value of $65m comprises $44m for the land and $21m for improvements, Auckland Council records show.

It is being marketed jointly by Colliers and Barfoot & Thompson. Colliers sales director Richard Kirke said the property had received strong interest from potential buyers who were prepared to upgrade the building and achieve a full tenancy.

The property is for sale by deadline private treaty closing on November 8. –Stuff