Wednesday, November 07, 2007

Bendon Seeking $20 Million Sale Leaseback of Auckland HQ

National Business Review - November 5, 2007

Fashion underwear company Bendon's new head office in the Airport Oaks subdivision in Auckland goes on the market as a sale-and-leaseback this week with expectations of a $20 million-plus price tag.

Bendon moved its office from comparatively primitive quarters in the East Tamaki industrial zone when the new headquarters building was completed in 2004. The distribution centre followed early last year.

If the property achieves the anticipated price bracket, it will stamp an international seal of approval on the industrial estates around the airport, with a yield in the low 7 per cent range, firmer than the office market in the central business district was managing two years ago.

The Bendon site occupies 1.64ha and has three road frontages, backing on to Airpark Drive for warehouse access. The head office area of 2167sq m has a rental rate of $250 a square metre and a small part of it a rate of $255. The high-stud 3818sq m section of the warehouse has a rental rate of $110 a sq m. Including a fitout rental for the eight-and-a-half years of the initial Bendon term, total passing rent is just under $1.65 million. Bendon has two six-year rights of renewal. Sphere: Related Content

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