RECENT DEALS for June 27th
Aerial view of the CIT Upper Hutt campus
Upper Hutt campus sold
JLL’s Wellington brokers John Persico and John McKenzie have sold the big Central Institute of Technology (CIT) Campus at 51 Somme Rd in Heretaunga, Upper Hutt, by deferred settlement after conducting an international marketing campaign on behalf of the Ministry of Education. While the sales price of the property encompassing 18.29 ha of freehold land and 28,000 sq m of buildings is confidential, the government valuation of the property was $12.3 million. The new owners, a group of private investors, will take formal possession of the site in November and have already appointed Malcolm Gillies of the Gillies Group to manage the property on their behalf.
$80m for Wellington building
One of the capital’s largest commercial real estate transactions has been completed by sole marketing agents Matthew St Amand and Ryan Johnson of CBRE Wellington with the $80 million sale of 133 Molesworth St on behalf of an entity associated with Wellington based developer, Mike McCombie. It’s a first time investment in New Zealand for Ascot Capital Limited, a Western Australian property business. Based in the capital’s government precinct, the building will be extensively redeveloped from 8012 sq m to circa 15,504 sq m before occupation by the Crown for Ministry of Health under a new long term lease agreement.
Augusta syndications successful
Augusta Capital Ltd has closed its two most recent syndications marketed by Bayleys Real Estate following strong investor take up. All 686 $50,000 proportionate shares totalling $34.3 million were sold in the Southgate Retail Centre in Takanini. In Christchurch, an offering of an industrial complex in Middleton, with a new 10 year lease to PMP (NZ) Ltd and encompassing 120 shares valued at $9.75 million, has also closed over subscribed. Mike Houlker, head of Bayleys’ syndication division, said there was huge interest from around the country in both offerings - evident trends being the increasing number of investors buying multiple shares which partly reflected a the shortage of high quality properties available for direct investment at present.