NZI Centre changes hands
An overseas investor swoops on its second Auckland building in two months, and other commercial property news.
Singapore-listed property group Roxy-Pacific has bought its second office building in New Zealand, the NZI Centre in Auckland for $63 million.
The five-storey 9446sq m property at 1 Fanshawe St is fully leased to New Zealand’s largest insurer IAG New Zealand.
The building was developed by Newcrest Group and has a leasehold tenure until December 2036, which is perpetually renewable for 20 years.
‘‘The board believes the property presents a prime investment opportunity and has potential to be a stable source of rental income for the group,’’ Roxy-Pacific said in a note to the Singapore Exchange.
In August the company, which is an active investor and developer in Australia, jointly acquired 205 Queen St in Auckland for $174m, with another Singapore-listed property group, Chip Eng Seng Corporation.
The complex, nicknamed Auckland’s ‘‘twin towers’’ for its
17-storey and 22-storey office blocks, has a long term lease until 2081 with options for another 98 years.
Roxy has also set up two New Zealand subsidiaries called RoxyPacific NZ Investments and Roxy NZ One. (AFR/Stuff)
***
Kiwi Property has bought a strategic piece of land in Mt Wellington, not far from its Sylvia Park shopping mall.
The listed property fund has agreed to buy a 3.2 hectare site at 79 Carbine Rd and 10 Clemow Dr for $27.1 million.
It has eight tenants including Fonterra and VINZ.
Chief executive Chris Gudgeon said the new purchase would be added to existing landholdings in the area, creating a landbank of 7.7ha with a bridge connection to Sylvia Park over a railway line.
Gudgeon said Kiwi had no immediate plans to redevelop the land. ‘‘However, given our worldclass town centre vision for Sylvia Park and Mt Wellington’s status as a metropolitan centre, it makes good sense for us as a long-term investor to increase our landholdings in this strategic location.’’
Kiwi owns more than 30ha in Mt Wellington, with Sylvia Park spanning just over 20ha. The mall has three expansion projects underway: a new dining lane, office building and multi-level carpark. ***
NZX-listed Property For Industry has secured a $69.5m portfolio of eight industrial properties, plus a head office, and plans to raise $70m in equity to pay for it.
Seven properties are leased to the Transport Investments Limited Group (TIL), a major freight and logistics businesses. Two others are leased to NZ Post, Aviagen and Rockgas
PFI said the properties were stretched across Auckland, New Plymouth, Napier, Nelson, Blenheim and Christchurch and there was potential for long-term development.