Landmark Farmers property bought
acific Property Fund Limited, an investment portfolio managed by Property Managers Group, is to acquire its first property in Whangarei — a landmark property in the city’s CBD.
The building at 8 Robert St is now tenanted by the Farmers Trading Company, which will start a new 15- year lease following a building refurbishment programme, says the director of Pacific Property Fund, Denis McMahon.
Pacific Property expects to take ownership of the building before Christmas.
The pending acquisition forms part of the offer of 16,000,0000 new shares in Pacific Property Fund Limited, the largest investment portfolio Property Managers Group manages, says McMahon.
The funds raised will go towards the purchase of 8 Roberts St; a logistics industrial hub in the Central North Island ( Stag Park), and a mixeduse commercial and retail property in Tauranga’s CBD. McMahon, says the addition to the fund’s diversified portfolio will take its total assets to more than $ 70 million.
“This acquisition i s part of our long- term investment strategy to provide strong and sustainable returns for shareholders,” he says.
Property Managers Group’s CEO Scott McKenzie says the proposed ac- quisition by Pacific Property signifies confidence in the ongoing growth in the area.
“Whangarei generates about half of the Northland regional economy and growth is continuing, with GDP up 2.1 per cent on the past year,” McKenzie points out.
“Regional spending and investment indicators show ongoing expansion in the area; population, employment and productivity figures have all increased in the past year.
“These factors — alongside a diver- sified portfolio of industrial, retail, and office properties — make this a sound proposition for Pacific Property shareholders.”
“This gives investors in Whangarei a chance to own a stake of the investment portfolio which owns one of the city’s well known landmarks,” McKenzie says. The site of an abandoned development project encompassing 2.85ha of vacant industrial land at 14- 16 Parker St, Papakura, has sold for $ 4,560,000 at $ 158.60 per sq m through Shane Snijder and Peter Migounoff, Bayleys South Auckland. Over $ 1.7 million had been spent on pre- construction site- works with a geo- tech report and plans for a 3000sq mbuilding also undertaken. A 680sq mcommercial unit at 1B, 3 Melrose St, Newmarket, has been sold for $ 2.95 million by Jonathan Lynch, Peter Kermode, John Davies, Charlie Stow & Michael van der Putten of Colliers International. A 450sq mretail unit at 21 Catherine St, Henderson, has sold for $ 2,000,000 at a 5.5 per cent yield through Ed Donald, Bayleys Auckland and Tony Chaudhary, Bayleys South Auckland. It is occupied by an Aussie Butcher outlet on a new six- year lease with two four- year rights of renewal. A 270sq mchild care centre on a 900sq msite at 51 Eban Ave, Hillcrest, North Shore, has been sold at auction for $ 3.01 million by Shoneet Chand & Peter Kermode of Colliers International. The sale price represented a yield of 5.5 per cent. An under- utilised 3575sq mindustrial site with a well maintained 1001sq m office and warehouse building, at 5 William Pickering Drive, Albany, has sold vacant for $ 3.5 million through Ashton Geissler and Matt Mimmack, Bayleys North Shore Commercial. Constructed in the early 1990s for multinational pharmaceutical company Shering AG, the building occupies only around 20 per cent of the landscaped grounds, with 31 onsite parks. Four new retail units ranging in size from 86sq mto 199sq mat The Landings, SH1, Timaru, have been sold at auction for a total of $ 3.267 million by Courtney Doig, Paul Vining, Charlie Oscroft and Gareth Fraser of Colliers International.