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Offshore buyers snap up prime real estate

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The Pernod Ricard building in Auckland's CBD has sold for $26.6 million. Photo supplied.

The Pernod Ricard building in Auckland's CBD has sold for $26.6 million. Photo supplied.


New Zealand is still seen as a safe haven by offshore investors seeking prime commercial property. The Pernod Ricard building in Auckland’s CBD has sold for $26.6 million in the largest Auckland commercial property sale to an offshore investor so far this year



The buyer is a syndicate of five high net-worth European investors making their first investment in New Zealand.

The property, located in Auckland’s Viaduct Harbour’s office precinct, was sold by Bayleys Real Estate executive director David Bayley, on behalf of NZX listed Goodman Property Trust.

Bayleys and Pernod Ricard (NZ) are anchor tenants in the 6,900 sq m, 6-level office sq m building. It is located on a 2,500 sq m perpetually renewable leasehold site, with the next five-yearly ground rent review in July 2010.

David Bayley said the transaction was one of the most challenging he has had to negotiate in 35 years of selling commercial and industrial real estate – with the recent significant upward movement in the exchange rate being one of the reasons.


Source



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