Bank of New Zealand Office Tower in Auckland Sold for $45.5 Million

NZ Herald - June 30, 2007

A European investment company is the latest offshore investor to show an interest in the Auckland property market, paying $45.5 million for a 7500 sq m CBD office building being developed by Mansons TCLM at Quay Park.

The sale, while the building is still under construction, reflects strong international competition for large buildings which continues to be a feature of the New Zealand commercial and industrial property market.

The property was sold with a 12-year lease to the BNZ from completion scheduled in April 2008. The bank will relocate almost 300 staff into the property, which will house a call centre and will also meet the company's disaster recovery requirements and will be self-sufficient in the event of a power outage.

It is the second office building that Mansons has sold in the Quay Park precinct this year prior to construction having been completed, coming on the heels of the sale of the green-rated GE Money building earlier this year for $91 million, also to a European investment company. Sphere: Related Content